SWOT This, New Year, New Review
Compelling reasons to take a second look at this important business planning tool
SWOT. I know, I know. Many business leaders have heard of performing a Strengths, Weaknesses, Opportunities and Threats analysis. And I bring it up again. Oftentimes we do it because someone suggested it—or even commanded it. There are times we just want to check it off of our “to do” list and return to the real work of running our daily operation. And of course, let’s not forget that we told our business advisor that we would do it and the next time we see him/her we will be quizzed on what we came up with.
Swatting Competitors with SWOT
Never before has an internal and external analysis of your business been more important. There are a list of business benefits of doing a SWOT Analysis, but let me give you two very good, competitive reasons of why you need to do a SWOT:
- You Feed Your Competitor’s Opportunities – By not staying focused on the market trends and what others in your industry are doing, you are leaving a wide berth of opportunity for your competitors to find niches and growth opportunities.
- You Add Weakness to Your Business Future -Burying your head in the sand or in the day-to-day operations will create longer term issues that you may not be able to overcome.
So whatever your personal reasons for doing the analysis, the important thing to remember is to do it. Make it a regular part of your company’s DNA. And for those business leaders less inclined to participate or conduct a SWOT, find their triggers such as lagging sales, an image change, looking for new market positioning, or opening a new product line. Whatever the reason, it is usually a good exercise for any sized business to periodically complete and review their SWOT Analysis.
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Do your financials continue to elude you in spite of how much you pay for them?
I am fluent in ‘financialspeak’ and can translate your monthly numbers into strategies for future success. Contact me – I take companies to a higher level of success. Email : AndyAnderson@b2bcfo.com. Phone: 909-732-4917