SWOT’s It All About? (FREE Download)

Last week, in four parts, we created a SWOT analysis by defining the Strengths, Weaknesses, Opportunities, and  Threats to your business.  One final step is necessary in putting the SWOT information together.  An analysis is only valuable if you put a plan into place. In this last step you will create a list of strategies for your business.  In this last step we’ll take a look at how we can:

• maximize our strengths to take advantage of opportunities: Strength-Opportunity Strategies (SO Strategies)
• use our strengths to minimize the threats to our business: Strength-Threat Strategies (ST Strategies)
• use opportunities to lessen  weaknesses: Weakness-Opportunity Strategies (WO Strategies)
• mitigate the weaknesses in light of impending threats: Weakness-Threat Strategies (WT Strategies)

Here is a matrix for a Wedding Florist Business to help you see how all of these details fit together:

Here are a few observations:

• See how we’ve lined up our niche strengths (unique floral design) to take advantage of opportunities (submitting photos to that new magazine)?
• Notice how we’re beefing up our strengths (strong customer service) to work around the threats (increased competition)?
• Do you see how we are taking advantage of external opportunities (cost of rent and real estate is dropping) to lessen the weaknesses (high overhead)?
• Observe how we can mitigate the weaknesses (no blog; start a blog) to adjust for threats (advertising costs are rising)?

In Summary

The SWOT is a very powerful tool in identifying the internal and external factors that affect our business.  I find it useful to do one every 6 months.  Some of the factors don’t always change so a working word or excel document can be helpful in analyzing the constant and/or dynamic aspects of your business.  The final piece, putting a strategy in place, is helpful in determining short and long term goals for your business.  All of the SO, ST, WO, WT strategies can be put into your 1-10 year goal sheet, and into your business plan.

Do you like this? We love feedback… let us know in our SWP Survey.  And, if you love it, feel free to DOWNLOAD this here: SWOTAnalysis.

Here is a matrix for a Wedding Florist Business to help you see how all of these details fit together:

Insider to Insider: David and Corbin Baxter, Owners of Soulbox Productions

Photo courtesy of Sil Azevedo, Azevedo Photography

This week’s Insider Interview is brought to you by Kelly Simants.  She met with David and Corbin Baxter of Soulbox Productions a few months ago and was wowed by their energy and enthusiasm.  She loves how open the videographers are to share with people in the industry. David and Corbin started their business in 2001 when they wrote, directed, and filmed a feature length film.  They began filming weddings full time in 2004.  I love what they have to say about their clientele: “It is amazing to us that our clients are just like us.  They find us through our work: creative, energetic, carefree, organized, and detail-oriented.”  This is so relateable.  They have managed to give prospective clients a taste of what it’s like to work with them.  Brilliant!  Here are more brilliant thoughts from David and Corbin.

David & Corbin Baxter
Owners, Soulbox Productions
Dallas, TX
www.soulboxproductions.com
Established 2001

What is your favorite thing about weddings?

Capturing once in a lifetime moments for our wonderful couples. We’re so lucky that we’ve built so many great relationships, we absolutely love what we do!

What is your best tip for time management?

Make attainable yearly, monthly, weekly, and daily goals. Corbin and I set priorities and accomplish them as efficiently as possible. For example, we pride ourselves on replying to inquiries within 24 hours.

What is your little marketing secret?

Network, network, network. Corbin and I are both advertising majors and so it was a surprise to us in the beginning that building relationships with your clients and other wedding vendors is by far the best marketing.

What is the funnest (most fun) trend you are seeing in the industry?

Well, we’re going to be a little biased on this one and say anything vintage: cars, dresses, veils, invitations and for us, true super 8mm film coverage.

If you were starting your business all over again, what would you have done differently?

Started filming weddings in super 8mm from the beginning. We had Corbin’s father’s super 8mm camera for 5 years and didn’t even know it.

Thanks David & Corbin!

SWOT Analysis: Defining the Threats for your Business

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Today is the T day of our SWOT Analysis.  We have defined the Strengths, Weaknesses, and Opportunities.  Today, we’ll be defining the Threats to our business.  Threats come from outside factors to your business.  It is useful in identifying the threats to your business so that you can be watchful and aware of them.  Knowing your threats will help you make better business decisions.

Take 15-30 minutes today to work on defining the threats to your business.  These are the challenges you will face along the way.  Here are some helpful questions and tips for defining your business threats:

• Look at the economic, social, and political climate. How can changes in these factors present threats to your business?
• What is happening within the wedding industry?  Are there changes that could be challenges to your business?
• Talk about other professionals in your segment (both your competitors, and your non-competitors).  Do they present any threats in market share?
• Is anything happening locally that could affect your business negatively?  Nationally? Internationally?
• What are the market trends?  Are they moving with your business or in another direction?
• Are there any economic factors that affect your suppliers?  How can these factors present a threat to your business?
• Is your reputation at risk in any way?

Those are some scary questions, aren’t they?  But, it feels better knowing the imminent threats to my business.  It helps me understand where I need to go and how I can change my business to adjust for those threats.

On Monday, we’ll tie it all together.  We’ll take a look at what to do with all this great information.  Come back to the blog tomorrow for another awesome industry insider!

SWOT analysis: Defining the Opportunities for your Business

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This week, we are working on the SWOT analysis for your business.  This exercise will give you a chance, to identify Strengths, Weaknesses, Opportunities, and Threats.  Today, we are going to uncover the opportunities outside of your business.  If you’ll remember from our discussion on Monday, your opportunities and threats come from outside factors affecting your business.

Take 15-30 minutes today to work on defining the opportunities for your business.  These are the “places you will go” and “things you can do” with your business.  Here are some things to think about while working on your opportunities:

• Look at the economic, social, and political climate.  How can changes in these factors define opportunities for your business?
• What trends are happening in the market?  How can your business fit into these trends?
• What opportunities are there within your market segment?  In your local market?  At the national level?
• What relationships can you build upon?
• What investments can you build upon?  Investments can be those made into equipments, supplies, inventory – or – advertising, promotion, public relations.
• Where do you see lemons?  Can you make lemonade?
• Where do you find a challenge at the consumer level?  Can you create a solution?

Ahhhh… fun!  Are you starting to see it all come together?  Are you starting to be abuzz with ideas?  There’s a whole world out there, and the SWOT Analysis is very helpful in helping you find it.

SWOT analysis: Defining the Weaknesses of your Business

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This week, we are writing a SWOT analysis.  We are defining the Strengths, Weaknesses, Opportunities and Threats of our Business.  I find this exercise extremely useful in taking the temperature of my business.

Take 15-30 minutes today to write about the weaknesses of your business.  This can be challenging because it forces you to face some of the thoughts you may be avoiding.  Remember that by recognizing your weakness, you can build strength.  Here are some thoughts to help you determine these weaknesses:

• What are the things holding your business back?  holding you back?
• What is unhealthy about your business?
• What are the struggles that your business has and that are difficult to overcome?
• What are your daily challenges?  your larger challenges?
• What are your sources of frustration?
• What negatively impacts your relationships with vendors, clients, and/or employees?

Spend some time dreaming about the things you’d love to improve about your business.  We’ll summarize the entire SWOT analysis at the end of the week.