<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

The Most Common Ethics Mistakes Made by Business Leaders
Mar. 20, 2024 | Posted by Lee Polevoi
Most business leaders regard themselves as ethical individuals, particularly when it comes to running a business that values integrity above all else. At the same time, even the most conscientious...
Business Success: Why Having an Accountability Partner is Key
Mar. 11, 2024 | Posted by Fernando Herran
In my time working with business owners, I’ve found out that in general, a common theme is facing challenges and key decision-making alone. On the other hand, I have also found entrepreneurs who have...
How to Build an Ethical Workplace Culture
Mar. 6, 2024 | Posted by Lee Polevoi
Most of us understand what it means to act in an ethical manner. CEOs and business owners frequently advocate a set of ethics by which to run their organizations, helping the workforce maintain a...
Find a Balance Between Agility and Planning
Feb. 21, 2024 | Posted by Lee Polevoi
For many CEOs and business owners, there’s a delicate balancing act between maintaining an agile approach to leadership and adhering to the goals of a business plan. Agility encompasses the need to...
Unlearning Conformity: How to Overhaul Old Business Paradigms
Feb. 14, 2024 | Posted by The Alternative Board
Industry is evolving at a record pace, particularly in the post-pandemic era. While COVID lockdowns and shutdowns temporarily changed the way businesses operated and employees engaged, today’s...
How to Be an Agile Leader
Feb. 7, 2024 | Posted by Lee Polevoi
It’s altogether likely that business conditions in 2024 will be at least as tumultuous and unpredictable as they were in 2023. For that reason alone, it’s important to begin the process by which...
Top 3 Strategic Musts for the Coming Year
Jan. 11, 2024 | Posted by The Alternative Board
The first quarter of the year always seems to have business owners dreaming a little bigger, reaching a little higher, and planning innovative ways to improve their organizations in the ensuing...
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...