SWOT your
business!
Part
I
NoSpin Debunker
#51: Sept 30, 2002
Please take 5 seconds for
the new NoSpin Poll: Your 20002
Marketing $
Way
out there or old fashioned?
Sometimes
my “NoSpin” approach to business and marketing is perceived as bit radical, but
in reality, it is quite old fashioned—and a reflection of my consulting training
going back more than 20 years. Every flavor of NoSpin Marketing consultation
starts with a Strengths, Weaknesses, Opportunities,
Threats analysis (or “SWOT”) of a customer’s overall
business—focusing, in particular, on Marketing & Sales.
But
didn’t those SWOT things go out of style eons ago? Actually not. While scores of
trendy methodologies and tools for analyzing and dissecting businesses have
popped up and then faded in the last 20 years—nothing has proved as reliable as
a good old-fashioned SWOT analysis. Let me know if you’ve got a better
tool for objectively analyzing a business.
Even if
a new NoSpin Marketing customer decided not to SWOT their business (which has
not happened yet), before giving any Marketing advice, I would do one anyway.
Why? A good SWOT is the fastest, most efficient, most cost effective way to get
a solid understanding of the realities of a business and best first step to
recommending and implementing changes to improve growth and profitability.
SWOT
to combat BADD (Business Attention
Deficit Syndrome)
Back in
July I suggested that the failure of many businesses to thrive as they should—or
even survive at all--is attributable to a lack of focus on what the company is
really good at doing. One way to combat the proclivity toward “BADD” is to
perform a SWOT analysis of your overall business (and focus in particular on
marketing and sales). SWOTs are not panaceas that magically point to THE best
choices, but they are invaluable tools to:
q
Focus
and prioritize business activities and resources from Marketing and Sales--to
Operations, Finance, Customer Service, etc
q
Listen
to a range of different “voices” instead of only one or two top
executives
q
Push
aside company politics (if only temporarily) and present ideas that may not be brand new but may have been
perceived inappropriate for discussion
q
Uncover a gem or
discover a gap or two--that might be very small or very large—that immediately
contributes to the business
q
Challenge the status
quo, and in particular, the level of sales and profits—and shake things up to
get moving again
Can you SWOT your business
yourself? Sure, if you’re really willing to check your ego(s) at the door, truly
step back, and take an objective no-holds-barred look at your business: the good
and the bad. It’s very difficult to do internally, but certainly possible. I’d
guess, though, that fewer than one in four businesses can do it alone. Why is a
SWOT so tough to do yourself?
o
As part of the
company, you’re simply too close to the action. Yes, you know your business
better than any “outsider” ever will, but you’ve been looking at it the same way
for so long that you’re not really seeing what you need to see. And you probably
take for granted some assumptions that may not be relevant (any
longer).
o
You may not
have enough reference points to be able to evaluate your business and compare it
to others.
Whether you attempt it
yourself or get some help, a SWOT is a quick-and-dirty, super-objective look
your successes, your failures, the market, your competitors, where you really
stand today and what some of the alternatives are to grow and become more
profitable.
In the next NoSpin Debunkers
we’ll talk about how to actually perform a SWOT analysis—on your business (or
part of your business) and/or what to look for in a consultant who assists you,
helpful hints, what questions need to be asked, and how to apply your SWOT
results.
Also
please let me know what YOU think about this debunker! And
please add these unconventional business professionals to the Debunker mailing
list.
If you would prefer to be
removed from this email list, let
me know.
Tom Ranseen
NoSpin Marketing
615.383.7157