Are you SWOTTING? Do you have a SWOT analysis?
If you have never heard of the term this stands for Strengths, Weaknesses, Opportunities and Threats.
This allows us to make a list of key items of the above on paper. The key thing to look at is your competition as this can be either a threat or an opportunity. And not just in the planning stages of your business but ongoing.
Do not make this mistake – I have been in business for the last 20 years and I have seen many competitors come and go and they don’t affect me.
In today’s fast marketing climate a kid with a laptop and a few thousand dollars saved up can become your competition. People’s buying habit have changed forever and we are in a time of exponential growth.
Find out how the overall business climate is as well as what sets you apart. What is your unique selling point? Look at customers problems and how you are going to solve them.
Focus on the details. Most people have a vague idea of what is needed to run their business day to day. Don’t become a victim of your success. Look at 5 years from now, 5 months from now. What would happen if you grew 10 times the size you are now?
Look at your competitors – do they have large expensive buildings and you don’t. This makes you nimble.
Your goal for today is to take a look at some templates for SWOT and start writing down three to five key items that make you unique.