An easy way to evaluate your business for yourself is to use the SWOT Analysis tool. This tool focuses on two areas – first of all it focuses internally on your business where you evaluate the strengths and weaknesses and secondly it focuses externally on the opportunities and threats. For each business the focus is going to be unique to your industry, size of the business and demographics. This is a great tool to use at least a couple of times per year.
Some business owners may say they only have strengths and no weaknesses but all businesses have areas they can improve and the more honest you are about this, the better your business will be in the long run. In evaluating your business’ strengths, take a look at yourself and evaluate your strengths and weaknesses as well as the strengths and weaknesses of any employees you have. What I have learned is that I as a business owner cannot be an expert in everything nor is my time best served in doing all parts of my business. Therefore, I need to let go of the areas that I don’t enjoy or that I am not an expert in and bring on others that are able to do these areas more efficiently and effectively. Furthermore, what are the core strengths of your business? What do you do better than your competition? From a weakness perspective, what are the areas you can improve? Do you have employees who are liabilities?
Once you have taken the time to really examine the inner workings of your business, take a few minutes to determine the opportunities and threats around you. Opportunities might be in the form of strategic alliances you can make, networking groups you can join, new markets you can tap into or adding additional services to your menu. Threats on the other hand might be new competitors in your area or an economic downturn.
After completing this evaluation, a business can now build a short-term strategy to capitalize further on its strengths and opportunities, work to eliminate some of the weaknesses and finally build workarounds on the threats.
For More information, please download this FREE SWOT Analysis Question Tool Today!