I want to talk about the S.W.O.T. analysis. So the title of this blog post is
using S.W.O.T. analysis in your business.
I actually learned this not too long ago, few days ago, by one of our wonderful team members, Denise. She actually did the training at our group training day and I really liked it. It’s a great strategy for you to become a bit more aware of yourself and your business and come up with strategies and ideas how to improve your business. So I wanted to share this strategy with you. I hope you will find it useful as well. So this strategy is called S.W.O.T. analysis. So it's an anagram, each letter has a word behind it.
The first letter S stands for strengths. So you can basically take a piece of paper, split it into four parts, because these are the four letters and you can work this and really analyze yourself. So first part is strengths. So things that you do well, what are you good at, what qualities separates you from your competitors? What unique skills do you have that really set you apart from everybody else?
What experiences maybe what knowledge you have that could help others. So it's all about thinking, how can you get better? How can you help others, what unique qualities you have to offer to the rest of the world? So like the knowledge may be in your business, or maybe knowledge of a product or maybe experience that you had in previous jobs and previous businesses and things like that.
First part is for you to identify your strengths, because again, that's something you need to focus on. I remember I was attending this leadership training years ago and they asked us to write out things that we’re good at and things that we're not so good at. So we wrote all of those things that we were really good at and the things that we're not so good at and then they asked us, they said, “Well, if you were to focus your energy now, put your energy into something, which do you think you should focus on? Things that you're great at? Or things that you're not good at?” And I thought, well, I do need to focus my energy on things that I'm not good at because I'm already good at those things, so I should focus my energy to on the things that I'm really bad at.
And the trainer said, “Well, that's not correct because if you focus your energy on something that you're bad at, then at best, you will become average in that area because you crap at it. So even if you focus your energy there, you're not going to excel at that, then you maybe will become average at it. But if you invest your energy into things That you're already good at, that you're already great at, then you can really excel in that area, you can really become a master in that particular field.” So that's why the first thing is strengths. That's what you need to think about it because these are the things that you should use first. Like, whenever I recruit somebody into the business, always look at their natural abilities. What are they already good at? And I want to use that first.
So if I recruit somebody who's great over the phone, I'm not going to go, “Hey, well, you should be online. You should be using Facebook.” No, if they’re great at phone let them use the phone. If they’re great at selling don't go, “Yeah, but you need to be recruiting.” Let them sell right at least to begin with and then later, you try to teach them how to do the other things. So that's the first letter right.
The second the double you in the S.W.O.T. is weaknesses, so it's not all rosy right. So what are your weaknesses? Things that you lack, things that your competitors do better than you, what resource limitations do you have? What are you unclear on? what are you not sure about in your business? So what are your weaknesses? What could hinder your progress? What could prevent you from achieving success? What skills or resources are you lacking? What do you not know how to do? What is holding you back right now?
If I asked you why aren't you successful already? What is holding you back? You would come up with an answer. You'd give me the reason, these are your weaknesses. What is costing you money right now? So maybe that's, I don't know, binging, Netflix, like watching the whole series instead of actually focusing on your business or whatever. What is costing you money right now in business, maybe you're not following up., maybe you're not calling back on your customers.
So what are your weaknesses because again, unless you are real with yourself, unless you identify them, then you're not going to change them, you're not going to fix them and it's going to keep costing you money, it’s going to keep stopping you from success? So at least when you identify those weaknesses, you can seek help. You can ask somebody to help you with that, because now you know where you're lacking.
So next is O. And O stands for opportunities. So what are the opportunities? Where could you go into what could you do where maybe there's less competition? Maybe nobody else is doing. What's sort things could you do that could help you increase your business that could help you add on to what you're doing already? So what could you improve on? Maybe external help that you could receive. What audiences you could reach. So maybe there's a group of people that you haven't been targeting, that you could target and get a lot more results, you know, what I mean?
Anything technical, that you can develop or get other people to help you with, to advance yourself in business to get better results. What more could you do for the customers to increase the amount of purchases, to increase customer retention to increase your recommendations? Where could you expand your business? Maybe there's particular area or particular type of establishment or wherever, where else could you go? Who else could you expose to your business and your products? These are the opportunities, right? So you need to again, sit down and have a think about whom else could I approach about his business? Who else could I expose? Where else could I go? What other social media platform could I use? What else could I do to expand on what I'm doing already? That's opportunities, right.
And then the final one, that T stands for threats, right. So T in the S.W.O.T stands for threats. So you need to again identify the threats, you know, what are my competitors, you know, that I emerging, that are coming into the picture, right? What, in terms of maybe what are the reasons why customers are not reordering from you? Or maybe why would customers go somewhere else instead of buying from you or again? What could damage your progress along the way?
So again, you need to identify these and sometimes these are the things you'll be able to identify from the past because those things have damaged your progress in the past or have stopped you progressing in the past, right? So again, looking at what competitors are doing. You know, what could harm your business? You know, is your audience shrinking? Is your customer base shrinking? Is your team shrinking? Are you losing money because I've only seen it a million times in business, when people are recruiting new people, but at the same time, they're losing people from the team, because they're not doing certain things like not looking after the people not training those people not supporting those people not teaching them how to sell and how to recruit and so on, these are the threats, right?
Because if you're losing more people from your business, than you’re gaining then that's a threat, because that's going to reduce your business. If you're losing more customers than you're gaining, then that's a threat. If you saturating the market with one particular product, and you're not identifying other products that you could offer to your customers, that is a threat or whatever it is, right? So again, think about these things. Because, again, proper planning prevents poor performance, right? So if you plan in advance, you can think about changing seasons and different celebrations different times of the year what your customers are focusing in particular times of the year, right.
So now like, on the run up to Christmas, what is everybody focused on? Gifts, right? Like everybody's looking for gifts for presents. But then as soon as a Christmas and New Year's goes, what do people usually start? They start the New Year resolutions, they want to get healthy, they want to get fit, they want to lose weight, and they want to quit smoking and things like that, that's the type of period, then maybe you know, you come February, it's Valentine's Day. So it's all about love. And again, buying presents and you know, celebrating in different ways, you know, then you have Easter, then you have, you know what I mean?
Different seasons, if you plan in advance, you can one protect your business against losses and damages, but two you can increase your business because you can focus on the opportunities, what opportunities this Christmas season present, what opportunities does Valentine's Day present, what opportunities does New Year's resolutions present? You know what I mean? There's different opportunities in all of those things, as well as different opportunities in different areas, in different demographic of people.
My advice for you is don't be like most people because most people watch this video go, huh? Was nice video and they'll go and do nothing. Instead, grab a piece of paper, split it in four and do your S.W.O.T analysis, write down your S.W.O.T, right write down your strengths, your weaknesses, your opportunities, and your threats. And if you really want to take it a step further, really want to be advanced, then once you've done your S.W.O.T analysis. Speak to your mentor; speak to your leader and say, “Hey, could we have a call? I want to go over my S.W.O.T with you. I want to go over my strengths, my weaknesses, my opportunities, and my threats with you to get your advice.”
Guess what? Your mentor or your sponsor, your leader will be able to help you so much more when you already come with that information to them, you say this is what I'm good at. This is what I suck at. This is what I think my opportunities are. And this is where my threats are, your leader will be able to give you so many ideas because they already know what to work on. You know what I mean? It can take you completely to the next level. So use this and go back to your sponsor or your leader and they will help you to really explode your business with this information.
That’s my training and tip for you. Hope you got value some value in this blog post, if you did, feel free to share it with other people. If you would like more amazing trainings check out “Network Marketing Success Training” group http://titaniumsuccess.co.uk/successtraining.php. There are 10 amazing lessons in this training course that will help you get the breakthrough in your business!
In : Personal Development
Tags: different seasons and different opportunities