“If you don’t know where you’re going, you might wind up somewhere else.”
– Yogi Berra, American Baseball Great
At Possibilities Unlimited, we spend a lot of time working with people to create specific and measurable intentions for their businesses. Those intentions are the essence, if you will, of your business purpose. In the past several blogs, we have gone over all the different aspects of creating intentions that will propel your business to unprecedented results.
What we’ve done is map a very clear destination for your business. You know where you’re going and what it’s going to be like when you get there. You’ve analyzed your action steps and scheduled them into the calendar. You have taken out a map and highlighted your route. You have programmed your company’s GPS and you are ready to go.
The only thing that’s missing now is the starting point! Before the GPS can figure out the distance to your destination, it has to determine your current location. In business terms, you have to know where you stand and what you have to work with before you can deliver on your intentions.
A SWOT analysis is a great tool for taking stock of what is and isn’t working in your business. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It’s like an inventory of your competitive advantages and your challenges. Taking the time to assess what your company does well and where you need to focus more effort can eliminate a lot of the guesswork in your action plan. The SWOT analysis also clarifies where you have ample resources and where you may need to devote capital to become or stay competitive.
Our previous blog on SWOT analyses details the concepts and questions to ask yourself when assessing your “current location.” It’s important to conduct SWOT analyses on a regular basis because the external components, Opportunities and Threats, change with the economy, trends, competition and other factors outside of your control.
Once you’ve done your SWOT analysis, you are ready to start your journey toward the fulfillment of your business intentions. You will have a very clear picture of the path ahead, and exactly what it will take to get there. To win any race, you have to show up at the start.
Are you ready to win?
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