At this time of the year many of us have already ‘checked out’ of our business. We’ve been too busy to create concrete plans for 2015 (that’s what January is for!) and our thoughts have gone into ‘holiday mode’.
Before you hit ‘snooze’ on your business take 15 minutes to review what has worked for you over 2014 and what didn’t. Before your memory fails you undertake a quick ‘SWOT analysis’ to capture your success and any failures and use that to set goals for 2015.
A SWOT analysis is used to look at your Strengths, Weaknesses, Opportunities and Threats. The SW are internal business issues – ones you can control; and the OT are the external issues – those you can’t control but can plan for.
Strengths
What were your business and personal strengths? What are the areas you excelled in? What are you the most proud of? What are the goals you reached or succeeded?
Weaknesses
What were your weaknesses? What kept you awake at night? Did anything disappoint your customers? Did anything go wrong that could have been prevented? What are the areas you would like to improve upon?
Opportunities
Where are the Opportunities in the market place for 2015? What trends can you take advantage of?
Threats
Are there any threats to your business or your industry? Do you anticipate additional competition? What risk management plan can you implement to minimise any potential threats to your market share?
By taking time now to review your year you can enjoy your celebrations without the fear of forgetting. This information is vital for business, strategic and operational planning.
