“Do not let what you cannot do interfere with what you can do.”
– John Wooden, Legendary College Basketball Coach
We spend a lot of time working with companies to develop their value messages. How do they differentiate themselves from their competition? What do they do well? Where can they focus their resources to become more competitive?
A helpful tool in this process is the SWOT analysis. The SWOT analysis looks at your company from the inside out and can quickly paint a picture of what the company should be working on. We also encourage our clients to do SWOT analyses on their known competitors to highlight where they stack up.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Strengths and weaknesses are your company’s internal forces, things that are under your control. Ask yourself some core questions about your company’s performance:
What do you do well?
What are your advantages?
What are your competencies?
What do you do poorly?
Where are you losing money?
Where do you lack resources?
Opportunities and threats are external forces, things that happen in the larger world that will impact your company’s ability to do business. They are things you can capitalize on or mitigate if you are aware of them:
What are the new market trends?
Do you have a niche that your competitors are missing?
What are new technologies or customer needs?
What obstacles are standing in your way?
What are your successful competitors doing that you aren’t?
Are there government regulations or negative economic trends that impact you?
Once you have completed a SWOT analysis you can develop an action plan to turn weaknesses into strengths, and threats into opportunities. Prioritize your projects and determine the resources you need to devote to them. A periodic SWOT analysis will keep you competitive and position you to win the game of business.
Are you ready to win?
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