Is Your Business Thriving or Just Surviving? A Guide to Evaluating Your Business
At the turn of the year, resolutions are made in hopes of bettering yourself. The new year is not only a great time to set personal goals but to also evaluate and set goals for your business.
But how do you know where to start when evaluating your business? A good method to begin with is a SWOT Analysis:
Strengths
Weaknesses
Opportunities
Threats
Strengths
What within your business is performing well? Do a thorough search within your model to find what is, or will, allow you to be successful and draw in customers. This is also a great opportunity to ensure your employees are satisfied.
Weakness
‘Weakness’ should not be mistaken for ‘failing’. Every single one of us has our weaknesses; areas where we do not perform as well as the things we excel at… and that’s okay! Maybe you have a difficult time handling the financial aspects of your business. Or, maybe you dread posting on your business’s social media account because you have no idea where to start with what content to post.
Whatever your weaknesses are, acknowledge them! Find someone to help you out. Don’t be afraid to delegate tasks to employees who are proficient with the things you struggle with.
Opportunities
‘Opportunity’ means ‘potential’ for your business. Make sure you’re utilizing new technology that arises that will allow your business to grow. Take on the projects you’re passionate about and strive to learn how to make your business better.
Threats
More often than not, your business will have competition. What’s important is that you stand out from your competition. What do they do that you can do better? Or maybe… the threat isn’t a competitor, but yourself. Are you burned out to the extent that you aren’t enjoying the business anymore? Do you doubt in the success of your business?
The important takeaway is that this is an analysis of your business. It will never be a piece of cake. What matters is that you persevere through those hardships to grow as both a business leader and as a human. If your business is simply surviving, you will never find it thriving.