This ain’t yo mamas’ SWOT okay. This is a version I designed to really get to the meat of a businesses’ potential. But first, what the heck is a SWOT?
SWOT = Strengths, Weaknesses, Opportunities, & Threats
This activity is a huge eye-opener for new entrepreneurs and marketers. I love watching influencers and coaches use this to really see how expansive their brand could be.
Most of us have done a SWOT before, but I have my clients do SWOTs a little differently than most.
You can do this on your own but I highly recommend you do it with your entire team, but split them into two different control groups including at least one customer service in each. Their feedback is so much more valuable than you realize. These people are connected directly to your customers daily. Listen to them!
B’s Special SWOT
What are your brand’s strengths?
What are your brand’s weaknesses to those strengths?
What are your opportunities to monetize?
What are your threats to those opportunities to monetize?
First, do the SWOT for your top 2-3 competitors and build them up in the good while you rip them apart in the bad. Be ruthless. Then, do the SWOT for your company, but ask your team was any of the bad you said about the competition really a projection of insecurities you may have within your company.
Make sure any executives or managers in the room are not shutting down these people’s ideas because their egos aren’t ready to hear it (yeah I said it and you KNOW I’m right). Make sure the team is not too intimidated to say the negative.
The owner should start pegging the weaknesses and make it clear anything goes. This is a learning technique and your ego will be hit and maybe even bruised but like a good massage is painful the next day you need to work out those deep kinks hiding in your company.
Most startups and small businesses have bottlenecks everyone is scared to talk about because they hit egos but those corporate traumas are what’s holding your brand back.
Yes, some we can’t do anything about except listen, acknowledge, and ask for problem-solving tips. Trust your team. They are the ones showing up for you every day.
I recommend doing this before each quarterly planning session, but it’s really up to you.