How I conduct A SWOT Analysis Better Than My ‘Competitors’
Two simple fixes which could skyrocket your business.
If you haven’t heard of a SWOT Analysis, here’s a brief overview.
A SWOT analysis is a strategic planning and strategic management technique used to identify a business or venture plan in the ideation stage before the project is launched and whilst the business is actionable. It analyses what your company does best now and provides clarity in devising a successful strategy for the future by uncovering holes in your business plan. This strategy for success is very useful for businesses before they’re launched but also has value for thriving businesses.
SWOT analysis is a technique for assessing four aspects of your business.
SWOT is an acronym that stands for …
S — Strengths (advantages you have over your ‘competitors’; what makes you stand out where others don’t.)
W — Weaknesses (advantages your ‘competitors’ have over you; what makes them stand out where you don’t.)
O — Opportunities (need for your product, lack of competitors ect.)
T — Threats (emerging and existing ‘competitors’, environment and customers.)
How I conduct my SWOT analysis differently is that I never stop adding to my analysis and I seek out advice from my ‘competitors’.
A SWOT analysis is great for starting out a business but it’s vital for a business to grow after the initial stages. If you just stop after you’ve written a few lines of analysis, you’re not going to get as far as others who have continuously worked at their SWOT.
Most businesses do continue with SWOT analysis to a certain extent once their businesses are fully operational but instead of lazily doing it, we will use other methods to enhance the SWOT strategy and take it to another level!
A SWOT analysis is like your business; if you don’t keep working on it, nothing will become of your business. Likewise, if you don’t keep working on your goal, you may complete your goal but it may not be as successful or be exactly in the way you planned.
I would update my SWOT every once in a while and ensure that I am always looking for ways to further myself but not put others down.
The goal is to raise yourself up not put others down. The time you spend putting others down is time you could have spent working on yourself and your business.
I’ve used the word ‘competitors’ in single apostrophize because I don’t believe there should always be a negative connotation with the word and I don’t believe that we are competing. Sure, we’re both looking for customers but all businesses are different and our customers might prefer our red decorations rather than the ‘competitors’ blue decorations.
We’re all in this together!
I believe that ‘competitors’ help each other more than we tear each other down. You don’t see businesspeople fighting and sabotaging their competitors businesses. I didn’t use single apostrophise as in this scenario the businesses would be competitors of whom fulfil the negative connotations.
I see everything and everyone as an opportunity to grow myself, not as an obstacle.
If I were running a café for example I would email and network with other café owners to see what they are doing and what I’m not. I may even find some good employees this way or find someone in another country who definitely isn’t ‘competition’ who could mentor and help me with my café. People are more willing to help than most people think and there’s no harm in asking for help. What’s the worst that could happen?
Help both ways.
I give other businesses advice and critiques and we all work together for our common goal and help each other improve where we didn’t know we could.
Businesses is not often an us and a them.
There’s always more opportunities and more customers in this world; what’s the harm in losing a few customers.
We all have different goals and customers are going to choose whichever company or café is convenient most of the time irrespective of how one is ‘better’ than the other.
Sure, it does matter some of the time for example if you’re selling a globe online and someone has a better website, lots of public 5 star reviews and is selling the item for 20% less.
But being in pursuit of your own interests and staying in a little bubble doesn’t get you as far as working together and constantly working to improve yourself and your business or project or venture.
