Make Sure You SWOT Up to Survive & Thrive - Keep Your Business Booming

Article excerpt

IF you have an established business, it will have been some time since you actually started your business. Do you know if your business is evolving?

Many business owners have mixed emotions as they experience the highs and lows of owning and running a small business.

Very few small business owners take the time to sit back and analyse the changes taking place in their business and business operating environment and then consider how these changes will impact on their current and future business situation.

Consider how any or all of the following impact on your business:

Greater use of technology; increasing costs of supply, especially fuel; rising interest rates; climate change; increasing use of imports to meet customer demand for cheaper goods; greater pressure on profit margins from national competitors; little sense of customer loyalty; demographic shift with ageing business owners (including supplier businesses); higher employment costs with fewer staff, and more businesses for sale with fewer buyers in the market.

Small business owners need to continually evolve the way they do business if they are to survive and thrive.

* SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)

Completing a business SWOT analysis is an essential first step in any effective business planning process with the aim of successfully evolving the business to counter existing weaknesses and threats, bolster strengths and take advantage of opportunities as they arise.

* Planning is the key to your future success

Successful small business owners can spend less time working in their business, with more time spent on planning their future. …