A quick and easy way to analyse the health of your business is to use the S.W.O.T technique.

S.W.O.T stands for:

Strengths, Weaknesses, Opportunities and Threats

All you need to do is take some time to write down everything about your business under these headers.

Example:

Strengths: My business is the only one in the area to offer spray finishing, I am achieving good profit margins and my Google reviews are strong.

Weaknesses: I am overly reliant on ‘word of mouth’ referrals and do not get much interaction on my social media posts.

Opportunities: Most of the competition in the area are focused on being the lowest price, so there is an opportunity to offer a premium service at a higher price. There is also a local housing estate that is coming up to 5 years old now, where lots of the homeowners will be looking to redecorate both interiors and exteriors.   

Threats: I am booked up for over 6 months, meaning that if I needed to implement a price increase it would be very difficult. 

Once you’ve broken down your business like this, you can build a plan to protect your business against the threats and weaknesses and use your strengths to exploit your new found opportunities.

Give it a go, and let me know how you get on!

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