“OMG it is February and I don’t have a plan.” You are not alone. Business leaders often get caught up in the operational details of the business and find the ship has sailed in the new year without a destination and a plan to get there.
One easy way to FOCUS YOUR THINKING is to do a simple SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis with your leadership team. The SWOT analysis has been around for 50 years and remains one of the most effective tools for prioritizing the strategic thinking of business leaders. Simple, but powerful.
Strengths and Weaknesses are inwardly focused questions that ask things such as;
· How our business compares to our competitors?
· Do we have any unique strengths leverage or weaknesses to minimize?
· Do we have people with the right skills, knowledge, and capabilities?
· Do we generate enough cash to fuel our growth?
Opportunities and Threats are externally focused questions that ask things such as:
· Are there underserved markets where our products or services can be successful?
· Are there new technologies that can give our products and services an edge?
· Are there new competitors we should be aware of?
· Are there trends in our markets that will help or hinder our business plans?
The above questions are just a few that will come to mind as you and your business leaders discuss your situation and future. It’s important that this brainstorming session include leaders from different disciplines in your business. Each will have a different and important point of view.
In little more than an hour, you will have the most important issues and opportunities in your business identified. Pick the 3 or 4 discoveries to solve or develop, and you will be off to a very productive 2021!
Need some help building a “2021 Plan”?
Schedule time with me today for a no-nonsense and no-obligation strategy session. I can help you lead your company to a new normal and move into recovery and rebuilding as a collective force.