As I got several of my clients off to a great start on their 2021 Annual Plans, I had a long talk with them about the shortcomings in some of their previous plans. They all agreed that they didn’t do enough looking inside their business and themselves in their planning and agreed to emphasize this for 2021. They realized that they had capped their growth potential unintentionally by not looking deep enough. Did you commit the same self-sabotage this year? Did you let COVID prevent you from growing personally? Are you ready to grow again?
So what is necessary for the self-assessment of your business? Let’s take a look.
Doing a Self-Assessment of your business can be as simple as understanding how to do a SWOT Analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This can be evaluated for your business, your leadership team, and most importantly, for yourself.
Strengths – for your business this is looking at the 5 Pillars (Sales, Marketing, Operations, Team, and Finances) to identify the areas you outperform in your industry. What do you do particularly well? What do your clients/customers appreciate the most? What do your reviews and testimonials highlight? For yourself and your leadership team, do your strength assessment of your management and leadership skills.
Weaknesses – for your business, once again we look at the 5 Pillars and identify areas of opportunity. Sometimes we have true weaknesses and other times we can simply identify the highest priority to work on. Either way, we need to know what they are so we can plan the training and development needed to turn these weaknesses into strengths. For yourself, look deep inside to identify what holds you and your business back – where is the weak point in your Foundational skillset?
Opportunities – for your business, we look at the key opportunities to grow, improve, and achieve more, and do it in less time than ever before. Opportunities could be new products/services, new markets, new technologies, and whatever else you thought up in 2020 that you can now plan to implement.
Threats – for your business, these are the areas where outside influences can impact your success in key areas. It may be an area where you struggled last year, or an up-and-coming area your competitors are leveraging faster than you are. For yourself, it is looking deep inside to recognize where you and your leadership fell short this year, and looking at the new opportunities and realizing what you need to learn to lead the team to success in new ways. Threats could be market forces, changing customer buying/spending habits, new technologies, new marketing tactics, and a host of other things. Really spend some time on this one.
If you are ready for the Best Plan Ever, contact us to schedule your FREE 90 Minute Business Diagnostic session with one of our coaches. We will take a long hard look at where you’ve been, where you want to go, and chart a focused path for you to get there.