The value of a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is that it encourages a businessperson to look at their sales operation from an ‘outside looking in’ perspective. Don’t be afraid to enlist some help.
Write on a whiteboard all those factors that you see as being Strengths in your sales operation (eg great products, experienced salespeople, high profile promotion, high-value pricing etc). Then list the Weaknesses (eg lack of credit facilities, low profile, limited marketing resources etc). Having done this, talk through and identify the Opportunities available (eg add products, start marketing to new segments etc) and then the Threats (eg aggressive competitors, over-reliance on a small number of customers or suppliers etc) that may exist.
As the SWOT analysis is being done a number of possible Action Points will emerge. These should be noted for later evaluation with the view to including them in the business’s plans for the future.
(The up-coming post for Wednesday 1/4 is Beware of poor attitudes. It's a short reminder about the effect that attitudes can have on sales results.)
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