We are now 11 days into 2010 and hopefully you are evaluating and implementing changes to make your business more profitable and productive. If you keep doing the same thing over and over and expecting different results, you, my friend, are practicing insanity. It’s time to try something new.
Is creating a SWOT Analysis near the top of your list of changes for your business? Are you asking what is a SWOT analysis? A SWOT Analysis is a strategic planning tools used to identify strengths, weaknesses, opportunities, and threats in any business. By taking the time to perform a SWOT Analysis, you can save your business money in three ways:
- Makes you take a realistic look at your business from the inside out. Many of us get caught up in working in our businesses that we don’t have time to work on the business. By taking the time to perform a SWOT analysis, you can identify those business areas that are working well and others that need fine tuning. This may even help free up money that can be applied to other areas of your business.
- Encourages organization. Once you complete your SWOT, you can start strategizing on how you are going to organize your business operations differently. For example, how are you going to capitalize on new opportunities that have been discovered?
- Lead to more detailed business planning. Although the SWOT analysis is a simple tool, it can jumpstart you on your way to more detailed planning that can transfer a business from mediocre to great.
Does this convince you that it’s time to perform a SWOT analysis? I forgot to mention the best part about a SWOT Analysis: It’s free (except for the time that you commit to doing it)! Here’s a link to more SWOT Analysis information and a free template to get you started. Once you complete your SWOT Analysis, I would love to hear what you learned from the process.