Analyzing your SWOT

If you’ve been reading for a while, you’ll know that I’m doing a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis on my massage business.  In previous posts, I’ve listed the most obvious items in each category for my business.  Hopefully, you’ve got your own list and can play along.

Analyzing the data is the first step to creating action strategies and then executing your plans.  The purpose of all of this analysis is to

• Use your Strengths
• Improve your Weaknesses
• Make the most of your Opportunities
• Safeguard against your Threats

The end goal of all of the analysis is to strengthen your business or increase your income.   Or both.  For some people, they don’t need to grow their business but they need to protect it from changes in the environment (local economy, new competition, etc.) .  Other businesses are rock solid, but need to grow.  Most need a little of both.

Put all of your SWOT items in a chart

Here is my example.  This gives you a nice visual to refer back to as we start picking the items apart.

What I notice is a pattern.  I don’t like paperwork, of any type, and I procrastinate on things I don’t like.  So, my bookkeeping gets put off.  I’m a quick learner AND I require constant mental stimulation.

Think about it for a minute to get the relationship between these two things.

Bookkeeping, the very basics of it anyway, is quickly learned and then it becomes a rote task.  I’m not a bookkeeper, so delving into the complexities of the task isn’t interesting and the parts I’m left with are boring.  So, I put them off.

This has 2 possible solutions.  I can put it on my daily to do list and set aside time to work on it, or I can outsource it.  Based on the past 4 years, I know that scheduling it is a waste of time.  I will procrastinate.  Therefore, this is not an ideal solution for me.

The best solution for me is: hire a bookkeeper.  Now, my invoicing gets done promptly and my bookkeeper nags me to get my receipts and payroll information to her on a regular basis.  I’ve outsourced a weakness to someone for whom it is a strength.

If you have a weakness, find someone who has that item listed as a strength and outsource it.  You’ll be doing both of you a favor.

Look for patterns in your SWOT chart

Another pattern is:  most massage therapists are not experts in web technology.  I’m far from an expert, but I know more than most people.  Here is where an opportunity, strength, and threat converge.  How do you capitalize on it?

Strength – I know how to design web sites, I understand twitter and facebook, and I have this kick-ass blog.  Threat – most of my potential audience (massage therapist) doesn’t use twitter or know why or how to use the internet to market their practice.  Opportunity – I can use the blog to teach them why they should have a web page, how to use that web page to get and keep clients, and encourage them to go ahead and do it.  If they are convinced they need a website but don’t know how to create one, I can do that for them for an affordable price.

Your homework

1. Create a SWOT chart with 4 sections that looks like mine
2. Find one pattern that could help your business.  I recommend starting with a weakness that is easy to fix.
3. You don’t have to tell me what your weakness is, although that would be nice, but leave a comment below telling us whether you are seeing any patterns in your SWOT chart.  If not, email me and maybe I can help.