Hard to believe we are already 8 stages into the 2019 Tour de Profit!
Now do what most business owners fail to do – LIVE BY YOUR NON-NEGOTIABLES! If they become just words on a page, then you’ll be just like most every other business owner who talks the talk, but won’t walk the walk.
Here are a couple of questions for you:
● How is your competition doing in this year’s race?
● Do you notice anything different about their strategies this year?
● Have they bulked up for this year’s race or have they slimmed down to be in better shape for the race?
● Is their team better than last year?
● Are they riding new equipment? What do you see?
Here’s Your Profit Tip of the Day
We must get a good assessment of our competition. We must know where we have the advantage and where we have weaknesses. We must prepare ourselves to take advantage of opportunities and we must plan for and prepare to survive the threats that our competitors are sure to launch at us.
This is simply being on your toes and gathering critical data to help you be more successful. You may be familiar with the term SWOT Analysis. It stands for Strengths, Weaknesses, Opportunities, and Threats. It is a well-documented methodology for analyzing your competition. You must know where you stand RELATIVE to your competition. The SWOT Analysis will help put your business into perspective.
My challenge to you
Take 4 sheets of paper and on each one write one of the following – My Strengths, My Weaknesses, My Opportunities, and My Threats.You are going to use this to give yourself the advantage. Once you have your four pages filled with notes, Take your Strengths page and your Opportunities page, put them side by side, and ask yourself “What could I do using my strengths to take advantage of my opportunities?” Make a list of the things you could do to “leverage” your strengths specifically targeted into the opportunities that your competition has offered to you.
Next, take your Weaknesses page and your Threats page, put them side by side, and ask yourself “What must I do right now to shore up my weaknesses and eliminate the possible threats?” There may be one or two critical things you must do now to cover your flank.
These last two exercises are the ones that most business owners fail to do. If you want to win this year’s Tour de Profit, you must TAKE ACTION on your SWOT Analysis!
To get more tips on how to improve your leadership skills, your team engagement and your business results, go to my website, www.tourdeprofit.com and you’ll find lots of free stuff there.
And when you’re ready, join my FREE, private Facebook Group called The Peloton. It’s where business owners like you are learning, sharing and working together to get better every day! Here’s the link: https://www.facebook.com/groups/jointhepeloton/
Come on – join us! And remember, whatever you do, RIDE HARD!