In your business, do you feel like it’s all work, little personal time, and less profit than you deserve? Enter the Exit Mindset podcast. The Exit Mindset gives you a series of principles and information that will help you get the profit, company valuation, and work-life balance you want. Whether you are looking to keep your company forever or interested in selling it at some point down the line, this podcast will work with you in helping you achieve the business you always wanted.
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episode 15: How to Understand the Totality of Your Business Using the SWOT Analysis
Key Links
- Sign-up for your FREE COPY of Exit Mindset (Releasing early 2021!)
- http://exitmindset.com/
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SWOT Analysis
- There is a tool that has been utilized by top level corporations worldwide to break down their business into four actionable pieces.
- The SWOT Analysis is a quick and straight forward way to understand your business on a deeper level.
- The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
- One of the easiest ways to visualize a SWOT Analysis is to draw a square separated into four quadrants or use our worksheet at exitmindset.com/tools
Breaking Down The Acronym SWOT
- You’ll need to refer back to the three principals that we have talked about in the past: your product, infrastructure, and the conversation.
- Strengths- The key is to always maintain a broad Exit Mindset so that your team is able to see the larger picture.
- Weaknesses- It’s important to remember that having a weakness does not mean that your overall business is weak, try to recognize a crack in your infrastructure or product.
- Opportunities- Where your business could grow, market share that could be taken advantage of, or even pricing structure that could be adjusted.
- Threats- Business owners sometimes struggle to identify their own threats, even if the threat is right in front of their nose.
- It’s important to think broad and be honest with yourself and with your business as a whole.
Including The Team
- Including your team and other key decision makers can help to garner a wider view with different perspectives.
- We would always suggest that you begin by creating a rough SWOT Analysis on your own.
- You can then crowdsource solutions or additions to the list using your employees or other executives.
- Remember, as a business owner you are in this endeavor alongside your employees.
Conclusion
- If you are struggling to make SWOT Analysis’ a regular piece of your weekly routine, try to simplify your process and focus on one or two bullet points per letter of the acronym.
- A SWOT Analysis is a great way to establish a 360-degree view of your company but relies on your ability to think honestly and trust your team!
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