<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!

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

Peer Coaching Groups for Company Success & Employee Well-Being
Aug. 18, 2023 | Posted by Dave Scarola
Do you incorporate peer coaching and peer learning into your company? Should you? This article will explain what Peer Coaching Groups are and how they can positively impact organizations and...
Ay Yi Yi: The Fascinating World of AI
Jul. 12, 2023 | Posted by The Alternative Board
Artificial intelligence. What once felt wildly futuristic has suddenly become mainstream and is growing more ubiquitous by the minute. You are likely already interacting with AI, even if you are not...
5 Tips for Building a Long-Term Sales Strategy
Jun. 21, 2023 | Posted by Lee Polevoi
Any hard-working salesperson can tell you closing a sale is their ultimate goal. Short-term sale strategies emphasize the value of a clean, efficient transaction with a customer, particularly...
Watch Out for Blind Spots in Sales
Jun. 7, 2023 | Posted by Lee Polevoi
Let’s assume your company employs one or more salespeople who are responsible for generating leads and closing deals. As talented as these sales professionals might be, some “blind spots” in sales...
What Technology Strategy is Most Effective for Your Remote Team?
May. 31, 2023 | Posted by Lee Polevoi
If, like many businesses these days, you employ a cadre of remote workers, it’s imperative to do all you can to support their offsite efforts. That means providing the best technology available so...
How Employee Learning and Development Can Boost Retention
May. 17, 2023 | Posted by Lee Polevoi
The ideal employee is an individual who works hard, acts on their own initiative, seeks to be a high-quality team player, and wishes to grow in their career. If you have employees who fit this...
How to Tackle Skills Gaps in the Workplace
May. 3, 2023 | Posted by Lee Polevoi
Finding the right candidates for your open positions is hard enough, given current labor conditions. The challenge becomes more pressing when you hire a talented individual, only to find out they...
Workplace Collaboration: A Secret to Success
Apr. 26, 2023 | Posted by The Alternative Board
Collaboration. It seems like such an easy concept to grasp and embrace, particularly as it pertains to the teamwork required to run and grow a successful company. But then why do so many so many...
How Leaders Can Boost Employee Engagement and Productivity
Apr. 19, 2023 | Posted by Lee Polevoi
These days, business leaders are more focused than ever on finding ways to promote employee engagement and productivity. Although circumstances differ from one business to another, certain key...
Creative Engagement Strategies Can Lead to Stronger Retention
Apr. 5, 2023 | Posted by Lee Polevoi
Why do some employees stay with your company and others leave? There are several possible reasons, including financial considerations and the physical location of your workplace. But above all else,...