We’re nearing the end of another year. The years 2020 and 2021 have certainly been unlike any years you’ve faced in your entire business career. With the pandemic shutting life as we know it down, the ramifications have been felt in the business environment and now the myriad of issues on the supply side of businesses across the complete spectrum of the global economy. The challenges are real, and they are not going away anytime soon. However, that does not mean that solid business practices should go by the wayside as well. Here’s a business practice I’ve been thinking about lately that I don’t think many of us practice on a regular basis: conducting a SWOT analysis. The viewpoint could differ slightly depending upon your position within an organization. An owner will look at their business, a manager will look at their team or market, and a salesperson will look at their territory. Look at, and study, your Strengths, Weaknesses, Opportunities, and Threats on an annual, or perhaps biennial basis. Let’s look at this practice in a little more detail:
Strengths: Identify where you excel and are stronger than your competition. Is it products, people, processes, location, services, sales volume, etc.? How can you best describe the strengths to customers and prospects to help communicate to the market the competitive advantages of doing business with you. Don’t just rest on your laurels. Consider how you can use these strengths to create a better experience for your customers, now and in the future.
Weaknesses: This can be challenging for some people. To look in the mirror and give yourself an honest assessment of issues or challenges can be difficult. Just like the strengths, you’ll be looking at things like products, people, service level, types of customers, and location to name a few. Some weaknesses will be outside of your control. In those instances, you want to look for ways to mitigate the weakness. If it’s a weakness that you have control over, then decide the best course of action to turn the weakness around. This can be a painful exercise, but in the spirit of self-improvement, it can have a profound impact on your future success.
Opportunities: What is changing in the market that can provide opportunities for your business? New customers, different customer types, products, technology, people, locations, and processes that can positively impact your business. Part of this conversation then becomes, based on your situation, which opportunities make the most sense to pursue.
Threats: What do you see in front of you, or on the horizon, that can cause disruption to your business? Examples are, but not limited to, customer ratios, vendor performance, people, competitive offerings, or economic considerations. Give thought not only to the threat, but also the likelihood of it happening, and what you would do if it indeed came to fruition.
Going through this exercise can give you a more holistic view of your business and help salespeople identify what to focus on to create better sales messaging and happier customers. As an owner of a business, or manager of salespeople, it could be a good exercise for your sales team to take on. Each salesperson on your team could do one for themselves, present to the group, and look for ways to perform better. This also gives the sales manager or owner the opportunity to coach their people towards better sales performance. The goal is to play to your strengths, correct or minimize the weaknesses, maximize the opportunities, and mitigate the threats. Happy Selling!!
