After you have been operating your business for a number of years, especially if you’re in a competitive marketplace, you should regularly do a S.W.O.T. analysis.
This means that you list out the strengths and weaknesses of your business. What do you already do well compared to your competitors, and what do you do not so well?
Then, you list out the opportunities and threats to your business. What’s going on in the wider world that could help to propel your business forward, or throw it off?
In this video, filmed at the Titanium Mastermind in the Dominican Republic, Roger Salam talks about how to do a S.W.O.T. analysis.
STRENGTHS AND WEAKNESSES
For the strengths and weaknesses section, don’t just think about your own personal strengths and weaknesses. Also think about those of your team.
Do you know the behavioral styles of your various team members? Do you know their values? Are they the same or different from your own? What are their individual strengths and blind spots?
Roger Salam never hires someone until he has worked out their personality profile. This tells him a lot about their potential management style and communication style.
It also helps him to know how to manage them. In order to have a strong and harmonious team, you need to do what works best for them, not yourself.
OPPORTUNITIES AND THREATS
What is happening in the outside world that could impact the efforts you are carrying out within your business? Think about technology, the political climate, your industry, your competition and the wider economy.
Is the market changing rapidly? Are consumer tastes shifting? Is there a new technology that might make your whole industry obsolete? This kind of disruption is possible and it’s happening in some industries.
On the other hand, there could be external forces that will be advantageous to your business. Is there an increase in demand for what you sell? Is one of your competitors going out of business, increasing the market share for you?
Remember that your business does not operate in a vacuum. Things are happening in the political climate, the economic climate and with your competitors. You need to know what’s happening and how you’re going to adapt your strategy to deal with it.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to build teams and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.