SWOT Your Competition
One of the first things I like to do with a new client is to go through a process called SWOT Analysis. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. SWOT Analysis is a technique business owners can use to evaluate areas within their operation that can be leveraged for competitive gain or focused upon to improve the business.
When you identify your Strengths, you are bringing into focus that which will give you an advantage over your competitors. Use these strengths as often as possible to improve your competitive edge.
Identifying Weaknesses can stifle and intimidate some people. We don’t like to look at our faults so we tend to minimize them. Be brutally honest with yourself. Recognize that you have strengths that can be used to overcome any shortcomings.
Opportunities are all around us. Don’t let your competitors have an advantage by not reviewing and acting upon opportunities as they present themselves.
What do we mean by Threats? Well, to some it could mean that your competition is closing in on your customer base. To others it could mean that government regulations are restricting some areas of your business. Whatever they are, identify them.
SWOT Analysis will help you see how you are positioned within your industry. Work on strengthening your weakness and removing your threats. At the same time, use your strengths to act upon your opportunities.
There is no better way to improve your business than to look at yourself in the mirror. Utilize SWOT Analysis at least twice per year. Document your findings and then update your vision and business plan accordingly. What? You don’t have a vision or business plan! Put that down as a weakness.
To Your Success -
