Been keeping up on the news lately? Pretty depressing isn’t it? The automakers are basically bankrupt, the banks aren’t lending money, and the financial markets are plunging and in total disarray. Can things get any worse? Unfortunately… yes, they can… and they will.
How did we get ourselves to this point of financial collapse, and what, if anything, can you do as a small business owner to make sure this doesn’t have a negative impact on your business? Is there anything you can do right now that will enable your business to sidestep the current conditions and position your business to not only survive, but THRIVE?
What you need to know…
There is one basic business principle that would have prevented the current economic meltdown… and you can use this same principle in your business right now to become the predominant force in your market. It’s called a SWOT Analysis, and it stands for Strengths, Weaknesses, Opportunities and Threats.
Why you need to know this…
A SWOT Analysis helps a small business owner discover their personal strengths and weaknesses, and use that information to position themselves so they perform their highest income-producing activities. That immediately jump-starts revenue and profits for your business.
A SWOT Analysis also allows the business owner to predict threats to their business, and develop a pre-determined plan of action that will enable them to turn any threat that materializes into an instant opportunity. It worked for Toyota, didn’t it? They were the only car company whose SWOT Analysis predicted the gas crisis, and the public’s current demand for hybrid vehicles.
The cost to you if you fail to act could have dire consequences.
Do you have a SWOT Analysis for your business?
Do you know the tools required to properly perform one?
Do you have any idea what your strengths and weaknesses are, or for that matter, what your highest income-producing activities are for your business?
If you don’t, what will be the future costs to your business if you fail to act?
If you want to grow a business that will be sustainable long term it’s important then that you develop these critical skills required before it gets to late and by doing this you will position your small business as the obvious choice for your prospects to buy from.
These are just a few tips on how to start growing your small business, increasing your revenue, profit and cashflow so you can start working on your small business not in it.