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.

monthly home cleaning Buffalo Grove ..

In The News:

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.

Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.

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

Strategic Planning