Don’t Forget to S.W.O.T.
September certainly snuck up on us. Of course, you know what that means? Countdowns to the election, Christmas shopping, holiday parties, and the end of the year are racing forward! It also means it is almost time to :
- Change out your fire alarm batteries
- Set your clocks forward
- Dig out those cozy fall jackets
- Move your patio furniture into the garage
Oh…one more thing its time to do! If you want to move your business forward in 2025…. don’t forget to do your S.W.O.T.
This is a powerful way to determine where you are succeeding in business. If you don’t know what’s working and where you’re falling short, then how can you adjust your business practices to become better, smarter, and more profitable?
Here’s the simple explanation of the four key indicators involved in a S.W.O.T. analysis:
S-Strengths.
Where do you achieve the most traction? What are your “sweet spots” that generate the most activity and revenue? What makes customers come back time and again to buy your products? What are you known for as being at the top of your game? Identify these and capitalize on them.
W-Weaknesses.
No one likes to admit he or she drops the ball. But if you don’t recognize where you fall short or could improve then you’ll continue to fall short of your true potential. Many companies make dramatic “turn arounds” by transforming a weakness into a dynamic strength.
O-Opportunities
Where can you gain ground in a market where others stay stagnant? What new product, service, or delivery method can you add to grow your company? Chick-fil-A is a clear market innovator. For instance, in Atlanta they are building the first of their new 2 story restaurants with a kitchen on the second floor and 4 drive through lanes below to more quickly serve more customers.
T-Threats
While you may excel in your business, you need to be aware of “disruptors.” The U.S. Post Office lost a lot of communication business to the internet. Video rental stores like Blockbuster went out of business because of the rise of streaming video. What new companies or trends are coming into the market that you need to be aware of and prepared to counter?
Performing a S.W.O.T. analysis can be done in house or by consultants (we’d be happy to help you). But whoever conducts this, take the results to heart and tailor your business to capitalize on this priceless intelligence. It will increase your visibility, market share, and customer satisfaction.
