Bring your strategy into focus!
As we start a phased approach to opening businesses back up, you may be asking yourself: “Am I opening up to the same retail environment as before or to an entirely new one?”
This might be a great time to take your company’s pulse and see how strong your vitals are. One great way to do this is by doing a SWOT Analysis of your business in this new retail environment.
SWOT stands for Strengths, Weaknesses (or Limitations), Opportunities, and Threats. Doing a SWOT Analysis assesses these 4 aspects of your business to understand what you’re lacking, eliminate hazards, and leverage your organization’s strengths.
Strengths
List your company’s strengths.
These could be things like:
Capabilities
Competitive advantages
USP’s
Resources, Assets, People
Experience, knowledge, data
Financial reserves, likely returns
Marketing reach, distribution, awareness
Innovative aspects
Location
Price, value, quality
Accreditations, certifications
Processes, systems, IT, communications
Cultural, attitudinal, behavioral
Management, succession
Weaknesses (Limitations)
List your company’s weaknesses.
These could be things like:
Gaps in capabilities
Lack of competitive strength
Negative reputation, presence, and reach
Poor financials
Known vulnerabilities
Timescales, deadlines & pressures
Insufficient cashflow
Supply chain challenges
Effects on core activities, distraction
unreliable data, plan unpredictability
Poor morale, commitment, leadership
Accreditations, etc
Processes and systems, etc
Management, lack of succession
Opportunities
List your company’s opportunities.
These could be things like:
Market developments
Competitors’ vulnerabilities
Industry or lifestyle trends
Technology development & innovation
Global influences
New markets
Niche target markets
Geographical: export, import
Need for new USP’s
Trends & influences
Market response to tactics
Business and product development
Demand
Information & research
Partnerships
Threats
List your company’s threats.
These could be things like:
Political effects
Legislative effects
Environmental effects
IT developments
Competitor intentions
Market demand
New technologies, services, ideas
Vital contracts and partners
Obstacles faced
Employment market
Financial and credit pressures
Economy – home, abroad
Seasonality, weather
Once you have finished assessing your current state, it is time to make a plan for moving forward! Go through each section and prioritize your list from most important to least.
Start by looking through your strengths. How will your company maintain, build, and leverage items in this quadrant?
Next move to your weaknesses or limitations. How will your company counter items in this quadrant?
Then move to your opportunities. How will your company prioritize and optimize items in this quadrant?
Finally, move on to threats. How will your company remedy or exit items in this quadrant?
Once you have identified the issues and the order in which to address them you will have clarity. Just knowing what the next steps to take can feel liberating!
If you would like me to help you complete a SWOT Analysis, please feel free to contact me.
Download a SWOT Worksheet here:
👉 https://amymoyer.wpengine.com/product/swot/ 👈