Often we focus on what’s wrong and what needs changing in our business. Somehow it’s easier to focus on the negative than the positive. We don’t always spend enough time recognizing what works well and what value we add with our business.
In this module, you’ll identify the factors you have going for you as a company and list the assets you can take forward in your upscale.
The S.W.O.T. Model
Before we get into the details about your strengths, let’s look at the S.W.O.T. model. It’s one of the most useful templates businesses use to examine where they are and identify the ‘pull and push’ factors for future growth.
There are 4 quadrants to the matrix:
We’ll look at each separately in the next few modules, but try to keep the whole picture in mind as we go along, as there will be overlaps between the quadrants which you’ll need to consider.
Acknowledge The Strengths
Your “strengths” in the context of the S.W.O.T. analysis are the things you’ve got going for you as a business. Those include:
- Things you love to do
- Things your company does well
- Where you add value, e.g. because of your experience
- Where you stand out, e.g. because of your expert or specialized knowledge.
Strengths can be things like these:
- You have many returning customers
- You get much of your business by word-of-mouth recommendation
- Because of your particular experience, you are the go-to-person in your industry
- You received an industry prize for a product or service.
Identify your strength assets by reflecting on your business triumphs to date. Don’t be modest and don’t take your achievements for granted. If you’ve managed to build a customer base that gives you great testimonials or you can measure the transformation you make in people’s lives, these are things to value. Not every entrepreneur can say the same.
How to Get The Answers to These Questions
Looking at ourselves and our success isn’t always easy. The answers to the strengths questions may not be immediately apparent to you. Here are a few ways to help you uncover your strengths:
- Ask your customers. Devise a short survey to send to your list that asks precisely why people value you and your offerings. You could offer a reward for completing the form to encourage people to fill it out.
When you send your survey, also ask if you can contact people directly and ask for their contact details. Then speak to as many customers personally as possible. You’ll get the richest information from one-on-one conversations.
- Post a discussion topic in your social media groups and review the comments.
- Read through testimonials and feedback you’ve received to see what people pinpoint as your greatest strengths.
- Use a S.W.O.T. analysis for strategic planning.
- Your strengths as a business are your greatest assets.
- Quick Win: If someone asked you what your biggest strength is, what would you answer?
- Ask yourself the questions listed in your Action Guide to reveal your strength assets.
- Plan ways to get objective answers to what your market views as your strengths, starting with your current customers. Record and summarize the data you gather.