Home
>
Strategic Planning
>
Call in the SWOT Team: Produce More Opportunities to Expand Your Business

Call in the SWOT Team: Produce More Opportunities to Expand Your Business

Have you ever done a SWOT analysis? No, it's not some dangerous military maneuver. It's actually a fun and incredibly helpful business development exercise that will give your company focused direction and great marketing ideas -- whether your business is brand new or has been around for years. This SWOT exercise will show you where your business is flourishing and where it needs to grow to gain clients and produce more sales. I recommend getting someone else (such as a friend, family member, or trusted business advisor) to brainstorm with you. You'll be determining your strengths and weaknesses, which are *internal* influences on your company. These factors are under your control. Opportunities and threats are *external* influences, things you cannot control, but you can respond to. After you read a short description of each of the four categories, take time to list as many of yours as possible.

Strengths: Toot your own horn and list all the strengths that make your business soar. They might include experience, business abilities, personality, support system, communication skills, or education just to name just a few. Go crazy! This is not the time to be modest -- each strength can become a money-maker for you.

Weaknesses: What are your weak areas? Think outside the box. Limited hours available for work? Computer literacy not up to par? Current marketing strategies lacking? Perfectionism? Procrastination? Write down as many as you can so you're aware of what might hold you back from reaching your full potential.

Opportunities: Are there untapped client bases out there? Other services that you could provide? What kinds of problems do your clients experience that you could help with? Are there any areas of service that your competition has overlooked? Could you exploit the weakness of a competitor (service offered, location covered, hours available to work, genre served)? Could you develop your brand better? Could you take classes to increase your expertise or credibility? Could you utilize your family and friends for networking opportunities? Write down everything that pops into your brain, even if it's a long shot. And try to be as specific with your ideas as possible.

Threats: It may take you a while to come up with these if you're not currently aware of them. Threats might come from competition, financial risk, a declining economy, or a unique profession. List some of your threats, no matter how big or small they seem.

Now, take some time to really analyze these four categories. Look at what you can *directly* control -- your strengths and weaknesses. Review your list of strengths and try to turn them into "opportunities." In addition to being a great ego booster, it will give you dozens of ideas for new ways to increase sales. For example, if you list "great support system" as a strength, perhaps you could make a goal (an opportunity) to send a mailing to everyone in your wide network of friends and family to solicit new clients or get the word out about what you do. If your presentation skills are top-notch, consider offering workshops or seminars. If you have years of experience, make that a selling point in your marketing materials.

Next, how can you turn your weaknesses around? For example, if you're not a good written communicator or lack computer or mathematical skills, consider taking a class at a local college to boost your skills. Or consider finding someone to outsource your undesirable work. If you don't have enough effective marketing strategies, turn that weakness around by creating a marketing timeline or plan.

Now, on to what you can *respond* to -- your opportunities and threats. Review your list of opportunities. (This list should be long!) Pick your top five or ten to tackle in the upcoming year. Do you want to teach a class or write a book? How about improving your marketing strategies by sending some direct mail? If you want to network more, investigate professional networking groups in your community.

Your threat list, on the other hand, may not be very long, but it's important to be aware of what can hold you back and keep you from reaching your full potential. For example, you cannot control your competition, but you can be aware of what they're doing. You can't control the economy, but you can market your services as a great "value" or find ways to offer deals or incentives.

OK, now it's your turn -- put your SWOT analysis into action, and see what happens. I'd love hear how SWOT worked for you!

Sara Pedersen, author of the FREE e-zine "The Marketing Fairy's Guide to Simple Self Promotion," is a professional organizer and marketing specialist. She helps small business owners make their marketing dreams come true. Sign up today at http://www.time2organize.net to receive your FREE monthly subscription.

limo prices to midway Crystal Lake west of Randal .. Lockport Chicago limo O’Hare

In The News:

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The number of people affected by a UnitedHealth data breach in February 2024 was actually higher than previously reported and was the largest medical data breach in U.S. history.

A phishing campaign uses Google Calendar to schedule fake meeting invitations that appear legitimate, redirecting targets to phishing sites.

Toll road text scam: Fake messages claim unpaid fees, seek payment via fraudulent links. Kurt “CyberGuy" Knutsson says this scam is becoming increasingly sophisticated and widespread.

Kurt “CyberGuy" Knutsson says these steps ensure that your friends and family get to the exact moment you want them to see. Try it out and streamline your sharing experience.

Tech expert Kurt “CyberGuy" Knutsson offers tips on how to protect your identity: Be vigilant, monitor accounts, use smart security, know theft response.

Tech expert Kurt “CyberGuy" Knutsson says cybercriminals are exploiting iMessage phishing protection, tricking users to reactivate links.

It's hard to imagine life without in-flight Wi-Fi these days – but sky-high web surfing comes with its own set of privacy concerns. Here's how to protect yourself.

Over 400,000 cases of credit card fraud were reported in 2024 to the Federal Trade Commission. The CyberGuy explains how to protect against becoming another victim.

A nondescript metal box transforms into a fully functional electric motorcycle that blurs the line between vehicle and urban infrastructure.

Many apps unrelated to location still ask users for tracking permission, and Texas Attorney General Ken Paxton has filed a lawsuit seeking to end this alleged practice by Allstate.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Melody, the artificial intelligence-powered robot, is life-sized and represents a move toward creating robots that resemble people in appearance and interaction.

Here are five easy smartphone rules from the National Security Agency that you can follow to better protect your mobile device from hackers and scammers.

A U.S. robotics company has developed "Jennie," a robotic pet powered by artificial intelligence that's designed to comfort those facing mental health challenges.

Healthcare records for more than 184 million Americans were breached in 2024, but you can take steps to minimize that risk. Kurt the CyberGuy explains.

The Skyrider X1 from Rictor claims to be the "first amphibious flying passenger motorcycle," and it combines land and air travel in one sleek design.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Home inventory and restoration apps help itemize and track every item in your home in the event you have to make an insurance claim after a natural disaster.

The White House launched a new cybersecurity safety label, the U.S. Cyber Trust Mark, intended to help consumers make informed decisions on smart device safety.

Today's tech can help make life so much easier — if you know how to use it. Here are a few tips on the quickest and best ways to make your phone, laptop and other devices work for you.

Tech expert Kurt “CyberGuy" Knutsson offers Windows 11 restart fixes: Update drivers, run system scans and check hardware.

Sony and Honda's Afeela 1 EV launches with advanced tech and entertainment for $89,900. Tech expert Kurt “CyberGuy" Knutsson gives his takeaways.

With limited hard drive space, tech expert Kurt “CyberGuy" Knutsson offers these tips for storing large video files and photos.

Tech expert Kurt “CyberGuy" Knutsson says the $236,000 Yangwang U9 electric hypercar boasts 1,287 horsepower and can jump obstacles.

Call in the SWOT Team: Produce More Opportunities to Expand Your Business

Strategic Planning