Where is your business now in relation to this years goals and plans. Is your business thriving and surviving? As business owners we are all playing a high stakes game of on and done and it’s our responsibility to the hero of our business.
So let me ask you, do you have your finger on all the aspects of the business? As a business owner with so many conflicting priorities, and so much information out there trying to sell you the next most important idea, gadget, or technology, how do you make good decisions and concentrate on the critical matters?
Having worked in our Mind Masters Strategy Summit each year I will tell you that there are four things that our members say, play a part in the development of any successful business strategy, while looking at the 4 major areas of the business (Management/Operations, Marketing/Sales, Financial and Leadership (Personal/Personnel):
1) Strengths – You must always consider the various strengths that your business has. These strengths should be present within both you and the business. Knowing your strengths enables you to use them in order to be that hero and achieve the desired goal. It is clear that every business has strengths which it could use to gain advantages over the competition. These strengths could range from having more resources to having more experience. Your strategy must utilize the strengths to the maximum to insure greater success.
2) Weaknesses – Just as every business has strengths, every business also has its weaknesses. As you plan your strategies, you need to take these weaknesses into account so you can plan to overcome them. These are factors that are under your control, but for a variety of reasons, are in need of improvement to effectively accomplish your objectives. Being honest and aware of the weaknesses, you will be able to address specific ways of overcoming them.
3) Opportunities –. What opportunities exist in your market, or in the environment, from which you hope to benefit? These opportunities reflect the potential you can realize through implementing new strategies. Opportunities may be the result of market growth, lifestyle changes, resolution of problems associated with current situations, positive market perceptions about your business, or the ability to offer greater value that will create a demand for your services. If it is relevant, place timeframes around the opportunities. Do they represent ongoing opportunity, or are they a window of opportunity? How critical is your timing?
4) Threats – Since the market contains opportunities for the business, it should also be mentioned that it does contain threats. As a business owner you should be aware of any potential threat that could place the business itself, at risk.
These are also generally external – you have no control over them, but you may benefit by having contingency plans to address them if they should occur.
A threat is a challenge created by an unfavorable trend or development that may lead to deteriorating revenues or profits. Competition – existing or potential – is always a threat. Other threats that we have been experiencing include intolerable price increases by suppliers, governmental regulation, economic downturns, devastating social media or press coverage, a shift in consumer behavior that reduces your sales, or the introduction of technology that may make your products, equipment, or services obsolete. Get your worst fears on the table. Some of these threats may be speculative in nature, but you need to recognize them to add value to your incoming year’s strategy.
Having a clear handle on the strengths, weaknesses, opportunities and threats in your business will position you to develop the strategies you need to meet the challenges of the 2023 marketplace.
CHALLENGE: What threats are getting in your way of progress? Take the time now to develop some contingency plans to address them to keep the business moving forward or plan to visit a Mind Masters weekly meeting to get help to overcome those Threats!!!
To feel more in control and excited about the future of your Business, Save the Date January 9th 2023 for the Mind Masters Strategy Summit