A helpful guide to assess your business strengths
Go and pop the kettle on and let’s spend the next few minutes thinking about your business… What is working well and what isn’t?
How do you know which areas to focus on to drive your business forward and boost sales? When was the last time you took a step back and had time to reflect and what is working well, brilliantly even and the areas that either aren’t working or are a brilliant opportunity to grow and succeed?
Let’s spend some time now looking at this using a really simple and effective tool.
A SWOT analysis will help you to identify your business’s strengths, weaknesses, opportunities and threats; consider both internal and external factors impacting your business. You can download our helpful template to get you started (freebies on our website) www.illuminateretail.co.uk.
Strengths and weaknesses are the internal factors to consider. Opportunities and threats are the external factors impacting your business; sometimes these are known as PEST; political, environmental, social and technological.
By understanding what the key strengths of your business are, you can build and maximise on what you do well. These are the areas that will boost your sales and drive your profit!
Awareness and proactivity to combat and de-risk threats and weaknesses will ensure that you are being realistic and actioning the challenges that your business is facing. These are the areas that perhaps you have been avoiding as they make you feel uncomfortable. Now is the time to face them. By addressing these areas, you are managing your business with a realistic approach and making improvements to protect it.
Write down all weakness and threats and identify any that should be made into opportunities. Remember, not every weakness or threat should be flipped around into an opportunity, as you risk losing focus of the low hanging fruit! Just beware of all threats to your business and de-risk them, as not all of them should be opportunities for your business right now.
By identifying opportunities, you can action plan how to implement these areas to support your business’s continuity plan, boost your sales and grow your profit!
By completing a SWOT you now have a list of what you are great at, areas to improve and threats to de-risk. If you would like to talk through your SWOT analysis, contact to us at firstname.lastname@example.org. We are currently offering a free 30 min call, tell us about your business challenges. You will receive initial advice and insights from us to support and guide your business.
Let’s start by having a conversation……