Written by: Lesli Dullum Tutterrow, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
‘Tis the season not only for holiday shopping and gathering with family and friends, but it is also a good time to engage in a SWOT analysis for your business.
The end of the year is a great time to check in with important aspects of your business. By doing a SWOT analysis with your partner, team, leaders and staff, you can both better gauge where your business is currently at, as well as have it inform your planning for 2022.
Not familiar with SWOT, or think it’s just for bigger businesses? Think again. A SWOT analysis is vital for any size business. Let’s dive into what it is and then discuss why it matters.
S- STRENGTHS – This is about identifying both your personal and professional strengths, the collective strengths of your leadership and /or staff and the strengths of your organization. Answer these questions: What as an organization are we doing well? What strengths can we identify in our processes and systems? Our policies? Our culture? What strengths do we see collectively in our people? Do we have a plan in place to build on those individual and collective strengths? Is that plan in writing and disseminated for everyone in the organization to see?
W- WEAKNESSES – Since we all have them both personally and professionally, better that we identify them so that we can learn to manage them. What are the weaknesses of leadership? Of performance? Of policies, procedures and systems? Of the culture? Also, take the time to identify your weaknesses as a leader. Now is a great time to ask for a 360 review of all staff who interact with you. What do you need to know about how they experience you? If you have kept the environment psychologically safe, they will tell you. If all you get back are glowing reviews of who you are and how you show up, ask your people to rate you again, only this time honestly.
O- OPPORTUNITIES – These are opportunities that your business is either already considering, as well as opportunities that you can anticipate further down the road. Is there an opportunity to increase sales by adding new products or services? Is there increased opportunity by adding “go the extra mile” customer service? This is a great time to meet with leaders, managers as well as frontline staff and brainstorm based on what they see the opportunities are in your company to capture more market share, improve your company culture or become more sustainable and /or profitable. Be sure to record all ideas and comments. Create a process to go from ideas to funneling down into what ought to be implemented, and answer who, what, when and how these actions will be applied. Don’t let these ideas collect dust in a file.
T- THREATS – Every company has them so best to identify yours. Are there whispers of a competitor moving into your neighborhood? Is your second in line disgruntled and looking to take your proprietary information elsewhere? Threats are an inherent reality for business owners, so rather than taking the head in the sand approach, brainstorm your real and perceived threats, and pick the brains of those in your organization to glean their perspectives as well. What should we be concerned and talking about?
Looking at your company or organization through a SWOT lens is a smart way to identify strengths you can build on, manage weaknesses before they hurt your business, consider possibilities of real opportunities that you can capitalize on, and get ahead of anything that could be a threat to your sustainability or profitability.
Many companies I’ve coached have moved away from the annual SWOT analysis into conducting a quarterly one. That way you are dealing with this information in real time rather than thinking the circumstances and conditions from six months ago still apply now.
Additionally, find ways to make a SWOT analysis both fun and meaningful by incorporating it into an all staff meeting, event, or a leadership retreat. Find balance and play by offering other activities, team building opportunities, as well as creating a safe psychological environment for healthy debates during the SWOT analysis. Combining work and play makes for a more engaging company culture. Doing a SWOT analysis ought to be fun, not something that feels like a dreaded root canal. The more you make the effort to create the right environment to engage in a SWOT analysis, the greater likelihood of a successful outcome.
Need some help in conducting your first SWOT and /or not sure how to incorporate it into a retreat? Reach out to a competent business coach or consultant who can help you navigate the SWOT analysis waters so you can make the most out of this opportunity.
And now you have your first entry under the “opportunities” category. Let that propel you forward into an important exercise that also serves to engage your people. When leaders, managers and other team members feel like they have a voice, and that voice matters, you will both simultaneously improve enhancing your company culture while obtaining vital information for your organization.
Lastly, A SWOT analysis informs your strategic planning so that your business can hum along with an eye towards helping both people and business thrive in the coming year.
Cheers to a good Swot!
Lesli Dullum Tutterrow, Executive Contributor Brainz Magazine
Lesli Dullum Tutterrow is Founder and CEO of Optimal Wellness Inc. dba The Wellspring Company, Optimal Wellness Consulting, and Live Well Kitsap, an online wellbeing community resource site. She is a Certified Counselor, Certified Brain Health Coach, Gallup Strengths Coach and Author of Your Ultimate Sales Force. Lesli coaches and consults with Leaders, Business Owners, Leadership teams, and Managers to help transform the culture in any organization through a meld of coaching, consulting, counseling and training. She has worked with clients in myriad industries: Medical, Real Estate, Construction, Mortgage, Insurance and more. Lesli educates, motivates and inspires her clients to experience transformational shifts in how they think, feel and behave. She utilizes neuroscience to help achieve optimal brain health and function and facilitates pragmatic application of new ways of thinking to achieve top performance, reduce stress, increase engagement, enhance communication and enjoy phenomenal results. Her mission: "We exist so both people and businesses can thrive."
