Do You Need a SWOT?

Every business needs a SWOT from time to time.  I don’t mean a literal swot, I mean an exercise that identifies a company’s Strengths, Weaknesses, Opportunities, and Threats.

Some may say this is old-fashioned or not in vogue today.  They’re wrong.  The biggest problem in running a business, department, store, nonprofit, whatever….is being so engrossed in the detail that you can’t see the big picture.  Often, the very best thing you can do is get away for a day to think, brainstorm, and reflect ON your business, instead of being too wrapped up IN your business.

I recommend this simple SWOT exercise.  Done properly, a SWOT can be refreshing, enlightening, and invigorating.  It can also be a terrific team-builder by getting key people involved in the process.  Individuals crave to be part of a winning team, so including them in this process may be exactly what you need.

So get away and give yourself a SWOT. It will really help you, and your business.

 
How Do You Feel About Change?

I follow Seth Godin’s blog. He’s the author of The Purple Cow, Linchpin, Tribes, and a host of other best sellers. So when he speaks, I listen.

Some time ago, he wrote about “When the world changes…..” and shared a few interesting remarks. He said, “It is painful, expensive, time-consuming, stressful and ultimately pointless to work overtime to preserve your dying business model.” He continued, “All the lobbying, the lawsuits, the ad campaigns and most of all, the hand-wringing, aren’t going to change anything at all. In fact, instead of postponing the outcome you fear, they probably will accelerate it.”

This certainly relates to the gem and jewelry industry. In my consulting work, I hear a lot of complaints about how things have changed. Retailers complain that they can’t compete any more. Suppliers complain that retailers don’t buy any more (let alone pay, if they do), and that they want everything on memo or on terms that make the supplier, in effect, their banker. The more I hear such complaints, the more I am convinced that those retailers and suppliers will be out of business soon.  Yet, those who compete, work hard and smart, and dedicate themselves to their business, win.

Things have surely changed over the years, and we can bet this will continue. Those who are tied to a dying business model have to change to meet the times. Those who have vision, are committed to a plan, and work tirelessly to be successful are the ones who will survive and even thrive in any economy.

Ask yourself where you stand on change. Then do something about it.

 
Here are a few Business & Life Tips to think about…..

Business Tips:

• If you’re starting a business or launching a new product or service, you need to stick with it despite what others may say.
• Do more than is expected in your work, for your client, or helping your friend. Few stand out as extraordinary. Be that person.
• Success in business isn’t just about effort. When good ideas meet quality execution, the likelihood of success greatly increases.

Life Tips:

• If you don’t have something to live for, life can seem pointless because it is easy to think only of yourself, and that is sad.
• Good self-esteem is, simply, how much you like yourself. It’s not pride. It’s a quiet confidence, comfort in your own skin.
• Here’s a simple question: When was the last time (if ever) you created a strategic plan for your life? Something to consider?

Tags: Advice, Business, Business Development, Business Tips, Crisis Management, Developing Leaders, Knowledge, Leadership Excellence, Leadership Problems, Leadership Skills, Life Tips, Management, Personal Development, Project Leaders, Success, The Mind of a Leader, Vision