Guest post by Julissa Prado, founder of haircare company Rizos Curls
A successful business needs a good strategy. As a small business, you can’t afford to put your efforts into something that doesn’t have a foreseeable return on investment. It is important to optimize all your resources and campaigns to ensure they give you the best results. A strategy allows you to hone in on what success looks like, and create a blueprint to accomplish it. Your strategy will serve as a roadmap for your business, and will allow you to clearly see where you want to go and the route you need to take to get there.
Below is my secret method for how I build a winning strategy for my business utilizing the SWOT analysis method. SWOT stands for: Strengths, Weaknesses, Opportunities, Threats. There are many examples online for how to best fill one out, but below is how I like to conduct a SWOT analysis for small businesses:
Strengths: What does your business do well? What is your competitive advantage? Are there any internal/external capabilities that set you apart?
Weaknesses: Where do you struggle? What are your shortcomings? What areas do competitors do better than you?
Opportunities: What trends have you not taken advantage of? What are new areas for growth that have not been explored yet? What new opportunities are present in your industry? Any underserved markets?
Threats: New competitors? Changes in the industry landscape? What is the competition doing? What threats could potentially hurt your business?