<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">

The Alternative Board Blog

How to Achieve Business Success by Knowing Your Strengths and Weaknesses

May. 10, 2022 | Posted by Phil Spensieri
SWOT Analysis

Over my years as a business coach, I’ve heard hundreds of stories about how and why my clients got into business. Each story differs, but one thing remains common: every one of them got into business to provide better services to their customers than the competition. The truth is there’s always room for improvement - even the most successful companies are continuously learning to improve their product, service, and customer experience.

 In order to have the strongest business possible, it’s important to evaluate where you are in the market. One of the best ways to do this is by performing a SWOT analysis. This is a routine exercise that I often perform with my clients on a semi-frequent basis, especially after a significant change has been made to your business or industry.

Here are my recommendations for identifying your strengths and weakness to help you thrive and succeed:

Conduct an informal SWOT analysis

SWOT analysis refers to identifying the strengths, weaknesses, opportunities, and threats of your business, both internal and external. Before you begin, I recommend making a list of questions pertaining to each category to help guide you as you brainstorm with your team. As well, be sure to include various members of your organization who may have unique perspectives to add during this process. You may include your C-level executives, senior management, as well as some front-line workers

Identify your strengths

To start, I recommend making a list of your strengths. Think about what you do well and what you’ve received positive feedback on from your customers. Knowing what you’re good at can help you develop a stronger and/or clearer unique value proposition (UVP) to help resonate with more customers. This is vital especially if you’re in the growth phase of your business.

Consider the following questions:

  • What makes your services/products unique?
  • What policies, processes, and procedures lead to efficiency within your business?
  • How have you secured strong financials?
  • What relationships (partnerships, vendors, suppliers, etc.) are thriving and why?
  • What technology do you use that’s unique to you and proven to be effective?

Ponder your weaknesses

Now that your strengths have been clearly defined, it’s time to give thought to your weaknesses. Similar to your strengths, think about how your business could improve from an internal and external perspective. I recommend taking a look at what your customers have said about you online. Take advantage of Google reviews and other similar sites to learn about where you may have missed the mark. As well, listen to what your employees have to say about how you can improve your business from within:

  • Is stronger management needed, and if so, why?
  • Is employee turnover high? What do your exit interviews reveal to be the reason why?
  • What are your competitors doing well that you are not?
  • What gaps are missing in your product or service offerings?
  • Is your marketing in need of a boost?

Seek new opportunities

As previously mentioned, businesses are constantly evolving, and one of the best ways to do this is by exploring untapped opportunities. Even the smallest opportunity could lead to significant positive change for your business.

Consider the following opportunities:

  • New partnerships, vendors or suppliers
  • Mergers and acquisitions
  • Digital transformation
  • Expanding your products and services
  • Tapping into new markets

Prepare for any threats

Making a list of the potential threats to your business ensures that you can have a contingency plan in place should things go awry. It also allows you to be proactive in addressing these threats. Some threats may include:

  • Recessions
  • Labor shortages
  • Regulatory changes in your industry
  • Shifts in consumer behavior
  • Pandemics

While some of these threats may be beyond your control, it’s important to always stay informed about what’s happening in your industry as well as with your competitors. Joining an industry association and conducting a competitive analysis can help provide you with the information needed to stay up-to-date.

Ready to conduct a SWOT analysis for your business? Contact TAB York Region today for our assistance and to benefit from the support of one-on-one business coaching sessions and peer advisory boards with like-minded business professionals.

Read our 19 Reasons You Need a Business Owner Advisory Board


Written by Phil Spensieri

Phil Spensieri is a TAB Facilitator in the York Region of Ontario, Canada. To find a TAB Board in your area, visit https://www.thealternativeboard.com/facilitators-world-map

Related posts

5 Tips for Reducing (or Eliminating) Workplace Distractions
Jan. 17, 2023 | Posted by Lee Polevoi
In our information-saturated age, even the most diligent CEOs and business leaders can have trouble focusing on one thing at a time. When you lead a business, workplace distractions often prove...
Words to Avoid in Business Meetings and Coaching Sessions
Nov. 15, 2022 | Posted by Dave Scarola
The way we say what we say matters. Never is this more true than within a Business Coaching or meeting environment. Though usually unintentional, there are certain words that can create tension and...
3 Reasons Social Media Still Matters to Small Businesses
Nov. 2, 2022 | Posted by Phil Spensieri
  With many businesses focusing their marketing online these days, in part due to the pandemic, the question as to the value of social media has once again become a hot discussion topic in my TAB...
Avoid These 5 Strategic Planning Mistakes
Oct. 4, 2022 | Posted by Lee Polevoi
 Strategic planning is a critically important part of business growth. If a CEO and senior executive staff don’t look ahead to what the future might hold, there’s little opportunity for growth and...
Wake up and Look at Your IT Security Before it’s Too Late!
Sep. 7, 2022 | Posted by Phil Spensieri
  We’ve all read with shock and horror about large cyber-attacks such as the breaches at Target, Netflix, and financial institutions including JP Morgan, but what if I told you that the most frequent...
Keep Them Loyal - Changing Your Employment Mindset
Aug. 15, 2022 | Posted by Phil Spensieri
If you’re like me and you’ve had your business for 20-something years, then you know that gone are the days of the gold watch for staying loyal to a company for 30 years. Like many of my business...
The Advantages of Hiring Freelancers for Your Small Business
Jul. 13, 2022 | Posted by Phil Spensieri
Have you ever hired an employee only to have them resign a few weeks or months later? This is a fairly common and frustrating experience among business owners and has been exacerbated as a result of...
Why is Personal Branding Important?
Jul. 5, 2022 | Posted by The Alternative Board TAB
These days, it seems like everyone from rock stars to accountants are proponents of personal branding. Why? Because they understand the value of creating and perpetuating a viable public identity...
5 Steps to Reinvigorating Your Business
Jun. 30, 2022 | Posted by The Alternative Board
Now just might be the perfect time to breathe new life into your business. Many small businesses are still struggling financially and find themselves unable to match their pre-pandemic success....
The Unique Nature of Personal Vision Statements and the Family
Jun. 23, 2022 | Posted by Allen Fishman
After graduating college with a law degree, I went to work for a publicly owned company. My boss informed me on the first day that my decisions needed to be guided by the principle that the purpose...