More often than not, when I meet business owners and they start talking about their financial challenges, it becomes apparent that they do not have or follow a coherent strategy for their business. One way to get started with basic strategic planning is with a SWOT Analysis. Most business people have heard of the SWOT Analysis, but do you really know what it is and how it can be of value to you?
After thoroughly brainstorming internal Strengths and Weaknesses and external Opportunities and Threats, Meagan suggests asking these questions to turn the list into strategic change directions:
- In what niches will we compete?
- What product and/or service lines, geographic areas, and/or operational areas will we focus our planning efforts? What areas represent the greatest opportunities for growth and prosperity?
- What customer value proposition will differentiate us in those niches?
- What direction does the strategy require we take in human capital?
- What are the technology enablers of the strategy?
One way to pave the road to financial health is through planning. I’ve been through this strategic planning process countless times, and can help you find, select and manage someone to help with the process. Give me a call!