Using the S W O T analysis in your business
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!
Yours
in success
Gediminas.
In : Personal Development
Tags: different seasons and different opportunities