During this changing business climate many companies are diversifying and others are closing their doors. Reinvention can stem from a need to increase revenue, a request to follow a new direction an industry has taken or a need to enhance skills in a niche sector.
It is important to evaluate how your company, product and services are going to weather the new way of doing business. Companies who will prosper in this changing environment will be those who are clear about who they are, who they serve, and what value they bring to the marketplace. One of the first steps in identifying the answers to these questions for my company was to complete a SWOT analysis. Getting key staff involved in some of the questions is beneficial too. Your staff are often the ones who have full insight of the daily functions and achievements of the company.
Once I honestly answered the questions my next step was to sit with my answers for a while. Some of you will get some ah-ha answers right away – others will get affirmations your company is on the right track. I found all of the above to be true. Whatever you do, don’t force the answers and don’t force a message that doesn’t fit.
Hopefully this practice will help you give you some clarification on your company direction. Keep ini mind, SWOT analysis can be helpful in many areas of your life. Along with the all encompassing business example posed here, SWOT analysis can help define your target market, your brand development, marketing, public relations and human resources approaches. Personally, it can help you with relationships and even home improvement plans – if you are that disciplined! If utilized regularly you may be amazed at the varied results you will get. Best of luck, have fun and stay connected to the big picture!