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.

high-end home cleaning Arlington Heights ..

In The News:

Kurt Knutsson's guide covers social media privacy protection through location settings, account privacy controls and two-factor authentication to prevent scams and data breaches.

Revolutionary retinal implant restores central vision in 80% of patients with advanced macular degeneration, offering hope where treatments once only slowed blindness.

Learn how to use passkeys on Windows and Mac computers without cameras or fingerprint readers. Discover secure authentication methods that replace passwords.

Tesla's FSD v14.1.2 update reintroduces Mad Max mode, enabling higher speeds and more frequent lane changes than the standard Hurry profile setting.

A phishing email scam targeting American Express customers shows how cybercriminals use fake urgent messages to steal personal and financial information.

Facebook's new Meta AI feature analyzes your camera roll photos to create polished collages automatically, but requires cloud processing and raises privacy concerns.

A New Jersey teenager filed a major lawsuit against AI/Robotics Venture Strategy 3 Ltd. over ClothOff, an AI tool that created fake nude images from her social media photos.

Microsoft reports Storm-2657 cybercriminals sent phishing emails to 6,000 addresses at 25 universities to steal payroll credentials and redirect funds.

Astronomers have discovered asteroid 2025 SC79, a skyscraper-sized space rock orbiting the sun in just 128 days. the second-fastest known.

The Fox News AI Newsletter delivers the latest developments form the world of artificial intelligence, including the technology's challenges and opportunities.

A cyberattack on SimonMed Imaging exposed personal information of 1.2 million patients, including medical records, financial details and identity papers.

Spotify's managed accounts for kids under 13 now available in at least seven countries, allowing parents to filter and block explicit content and songs.

Friendly text conversations about BBQs and social events can lead to WEEX gold trading scams that target older adults with fake investment opportunities.

California company Skyeports creates self-healing glass spheres from Moon regolith that generate solar power and support plant growth for sustainable lunar living.

Cleafy researchers discover fake VPN streaming app Mobdro Pro that installs Klopatra banking Trojan, giving attackers full control over Android devices.

Police departments across the U.S. and Canada are adopting virtual reality training to better prepare officers for high-pressure, real-world situations.

House Bill 469 would prevent AI systems from owning property, serving as executives, or gaining legal personhood in Ohio under Representative Thaddeus Claggett's proposal.

Public voter records expose retirees' personal details to election scammers who create targeted cons using names, addresses, and voting history data.

Instead of fearing what comes next with artificial intelligence, think outside the box. Here are high-earning AI jobs that don't require a computer science degree.

OpenAI CEO Sam Altman says polite words like "please" and "thank you" cost millions annually, while direct prompts may improve ChatGPT accuracy by several points.

Chattee Chat and GiMe Chat exposed intimate conversations and photos, revealing users spent up to $18,000 on AI companions before the breach.

New Instagram parental controls allow families to manage teen screen time and content limits through the Family Center with stricter safety settings.

Third-party security breach at Discord exposes sensitive user information including government IDs, highlighting cybersecurity risks from external service providers.

Survey of 1,000 students shows teens using AI for personal relationships while two-thirds of parents remain unaware of their children's AI usage.

Cybersecurity experts warn about a ShadowLeak vulnerability that weaponized ChatGPT's Deep Research agent to steal personal data from Gmail accounts through hidden commands.

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

Strategic Planning