Your business goals should reflect your business strengths. Here’s how I approached setting business goals this year:
Chose a word that sums up my definition of success:
Answered: What current strength(s) can I maximize or improve? (2021 photo props, senior night collages)
Answered: What opportunities do I want to take advantage of in 2021 that will move me towards my goals? (create affiliate program).
Answered: What threats do I need to minimize that might prevent me from achieving these goals? (make time to rest and avoid burnout)
Awareness of 1-4 really helped me hit the ground running in 2021. I think it could help you, too! The above steps include the first four steps in the strategic plan that I teach. The strategic planning activity is called a “SWOT” Analysis.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Instead of simply focusing on our goals, the SWOT gives us the opportunity for reflection on what has worked or failed in the past. Twenty years ago, colleges commonly taught the SWOT analysis as a way to teach strategic analysis. I feel it is still applicable and easy to use today, even in the digital landscape!
By analyzing these four elements, we can also identify what positive activities we need to increase. Then we can identify the negative activities we should decrease as well as understand what opportunities exist. Finally, we need to identify the threats we need to avoid AND neutralize.
One of the major benefits of a SWOT analysis is to identify Weaknesses and turn them into Opportunities. These opportunities will help our business grow. Think of it as the business equivalent of making lemonade out of lemons!
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
If you like this short exercise and want to dive deeper into it while also using your answers to create a strategic plan for your business in 2021, please check out my 2 hour (or less!) SWOT Workshop!
And let me know if these questions help you get clarity for your future growth!
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