You spent time doing a SWOT analysis – looking at your strengths and weaknesses relative to your competition. It is harder to look introspectively and be honest and candid with ourselves about our shortcomings and weaknesses. I hope you were truly honest with yourself and identified those areas where you need to get better in your business.
This week’s tour stage 9, is focused on doing something about the SWOT analysis you completed last week. It does you no good to do the SWOT analysis and simply put it on the shelf. If that is what you have done, then it is worthless! You must now decide what you must do knowing what you now know.
Here’s Your Profit Tip of the Day
The key to turning your SWOT analysis into a win for your business is to ask yourself: “What Critical Skills or Talents am I Lacking in my Business that are Critical to my Success?” These may be skills that you know you don’t have or talents that you or your team are simply not that proficient at. Leading is hard. Stepping up to the realities of your situation takes courage and commitment.
Often times, I see business owners who are willing to just “get by” with the skill set they have – even when they are lagging behind their competitors. Because confronting the reality of the situation is hard! It is hard to admit to yourself that you are not as good as you need to be in a particular skill or competency area.
My challenge to you
Identify the 3 or 4 Critical Skills that you lack in your business. Write them on a single piece of paper like this:
In order to beat my competition, I must improve my ability to:
If you don’t have a handle on your financials, then write it down. If your receptionist is not friendly and helpful, then write it down. If your salesperson does not follow the sales process, then write it down. Look over your SWOT analysis and determine the areas where you need to FOCUS on your improvement. The first step towards improvement comes from identifying the issues in specific terms.
Now, under each of the 3 or 4 Critical Skills you identified, write down what you are going to do to resolve the problems. It may require specific training. It may require bringing in someone who can help you get better.
Here are a couple of questions for you:
● Do you have your list together?
● Are your 3 to 4 weaknesses identified clearly?
● Are your action items specific?
● Could I or an outsider look at your list and know exactly what to do and when?
The more specific you are, the more likely you will get results. I like to call this “SPAMing” your goals!
This week, turn your SWOT into SPAM – Specific, Personal, Actionable, Measurable goals to shore up the areas of your business where you lack critical skills and talents. Do this, and you will gain ground on your competition – and leave many of them wondering just how you managed to put your business into another gear.
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!