Today’s Episode of Grow For It focuses on using SWOT Analysis as a tool for identifying key business issues. It will also assist you in developing a roadmap to effectively deal with those issues.
Podcast Episode 3 Transcript: Welcome to Grow For It! This is a podcast for small business owners, managers and professionals. I’m Jim. My goal is to work in your head-space to help you:
– Remain focused on your vision,
– Setting the right goals and
– Implementing those key activities to help you move closer toward your vision.
A big topic for my clients right now, as well as in my own business, is strategizing for the upcoming year. I’m going to introduce you to a tool that can provide some valuable insights and structure to assist you in your planning and goal-setting.
The temptation many of us have is to simply start setting targets, before we really look around and see what’s actually going on in your market.
You might ask who’d do it that way, but trust me, it happens more than you think.
Before we begin, let’s talk about what we covered in the previous episode. We spent a lot of time differentiating between your Vision and Goals.
Goals are extremely tactical. Your execution and performance will lead you closer to your Vision. But what goals to you actually need to set?
Where should you really focus? We’ll begin to unpack that today.
A tool I’ve found to be extremely helpful is called a SWOT analysis. SWOT stands for STRENGTHS, WEAKNESESS, OPPORTUNITIES and THREATS.
It’s a tool to help you look for ways to begin taking what you know, and defining specific activities based on that knowledge.
Ultimately, what you want to accomplish is to identify specific strengths that will enable you to leverage opportunities and avoid (or minimize) threats.
A detailed assessment makes your goals and business planning easier to visualize. If you have a team, this tool can help you to achieve greater buy-in. Read more