A business strategy refers to the actions and decisions that a company takes to reach its business goals and be competitive in its industry. But how do you determine your strategy? The easiest way is to look at your own Strengths, Weaknesses, Opportunities, and Threats: a.k.a. a SWOT Analysis. But a SWOT won't give you the strategy.
You need to take your SWOT Analysis and level it up with a SWOT Strategy.
How do you do that? What is a SWOT Strategy?
SWOT Strategy is the next step in a SWOT Analysis. A SWOT Analysis lists your top three strengths, weaknesses, opportunities, and threats. It considers your internal (strengths and weaknesses) compared to external factors (opportunities and threats).
Here's what you need to do:
1) Make a list of your business' top three strengths.
2) Make a list of your business' top three weaknesses.
3) List the top three opportunities for your company.
4) List the top three threats facing your company.
Now lets create a strategy based on your SWOT
1) Compare your Strengths to your Opportunities. How can you leverage your strength to overcome the opportunity? These should strategies that are fairly straightforward to implement.
2) Compare your Strengths to your Threats. How can you use your strengths to ward off the threats? Can the threats be turned into opportunities?
3) Compare your Weaknesses to your Opportunities. Can you use an opportunity to eliminate or mitigate your weakness? Does the opportunity warrant the development of new capabilities or skills?
4) Compare your Weaknesses to the Threats. What do you need to do to avoid the threat? Do you need to get out of the market? Do you need to restructure? All strategies developed should be based on worst-case scenarios.
After completing this exercise you should have a new outlook on how to level up your business. If you want to learn this process from me in an interactive class; you can! On February 18th I will be teaching an interactive class on SWOT Strategy. This class is virtual. You can register with Inland Empire Women's Business Center to reserve your seat.
If you want to learn more about how I help small businesses take back their sales from Amazon; visit my website. If you are ready to take back your sales from Amazon; schedule with me for your free 45 minute strategy session.