Make your business THRIVE in 2014 Part 2
As I was saying last week it is very important that we focus on what will make your business thrive in 2014. My first tip was to help you put in place measures that will enable you to side step any negative conditions that could derail you, and to position your business to thrive with the use of the SWOT analysis.
This week I want to tell you how you can improve your SWOT analysis by taking a hard look at your current resources and how to get the most out of them. This will help your capital go further and increase your profit margin in 2014 by maximizing what you already have. These include:
- Recognising the obvious
- Unconventional breakthroughs
- Facing the facts
Recognising the Obvious
Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful but maybe you are just too close to things to see this?
Unconventional Breakthroughs
Don’t sit around waiting for breakthroughs you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.
Some great examples of breakthroughs are:
- A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
- A company creates a roll-on deodorant inspired by the shape and size of a ball point pen.
- The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.
When a strategising for a breakthrough in 2014 there are some key objectives you need to keep in mind. They are:
- Look for the hidden opportunity in every situation
- Look for at least one cash windfall for your business every three months.
- The more value for your client, the better your breakthrough.
- Create multiple streams of ideas to find the best breakthroughs.
- Effective breakthroughs remove all risk or resistance.
Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:
- Why did I first start this business? Why am I in this industry?
- What products/services did I offer then? Which were the most popular?
- Why are my customers/clients buying from me right now?
- How did I generate new customers/clients then?
- Which of my marketing efforts were bringing in the best results?
Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses and really pay attention to what will help make your business a great success in 2014.
Until the next time.
Vernon Simpson, Nydes Business Coach,
Coaching Business Owners and Executives to their next leve
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