Being a business owner is hard – you don’t clock in and out, it’s hard to leave work at work, and, in many cases, you are wearing a LOT of hats, from marketing to HR. In the course of running the business, it’s easy to let the business run you. But if you let the stress of running the business weigh on you, it’s impossible to enjoy the benefits of being a business owner. So what do you do? How can you get to a place that allows you to enjoy the fulfillment and freedom of being a business owner without your business suffering?
We often tell our clients (and our friends) that it’s not the business tasks themselves that are holding you back – every business has challenges – it’s not knowing how to handle those challenges or not having the systems in place to deal with those challenges. Sometimes going back to a SWOT analysis is the best way to get a good grasp on the current state of your business, create a plan for the future and then build systems that connect those dots without you micromanaging the process every step of the way.
Here’s some of what to consider in a SWOT Analysis:
- What are your personal and company strengths, unique talents and money-making assets?
- Which are the most promising strengths – personal and corporate – to pursue now?
- How can you effectively leverage, maximize and multiply these strengths?
- What are your personal and company weaknesses and liabilities?
- How can you effectively neutralize, delegate or outsource these weaknesses?
- What are your money-making opportunities at hand right now?
- Which are the most promising opportunities with the greatest ROI?
- How can you go about effectively seizing these opportunities?
- What are the greatest threats/dangers facing you and your business?
- How can you effectively eliminate or minimize these threats?
Once you feel like you have a solid SWOT Analysis, it’s important to take action. Create a strategy the focuses on your strengths and opportunities while addressing your weaknesses and threats as best you can. And, if you find that your lack of Business Systems is an issue (for example, can you go on vacation without your laptop?), then it’s time to think about creating those systems. We’d encourage you to read this 2011 blog post to get started: https://growthcoachblog.com/2011/08/04/growth-coach-challenge-are-you-a-prisoner-to-your-business/.
And don’t forget, you can refer back to your SWOT Analysis anytime – for a reminder or for a revamp – so keep it handy!