You can also take a closer look at business environment. Often, opportunities arise as a result of a changing business environment. Some examples are:

* A new trend develops for which demand outstrips supply of quality options. Early on, trend toward healthy eating coupled with an insistence on good-tasting food produced a shortage of acceptable natural food alternatives, for example.

* A customer segment is becoming more predominant, but their specific needs are not being fully met by your competitors. The U.S. Hispanic population experienced this phenomenon in late 1990’s and early 2000’s.

* A customer, competitor, or supplier goes out of business or merges with another company. With demise of many pure-play "dot coms", examples of this abound. As each went out of business, opportunities arise to gain defunct business’ customers.

You can also enhance a SWOT analysis through surveys. You can learn more about your own as well as competitor’s sites and businesses. Areas you can research include 1) customer awareness, interest, trial, and usage levels, 2) brand, site, and/or company image, 3) importance of different site or product attributes to your customers, and 4) product and/or site performance.

Whether using a basic or more advanced approach to SWOT analysis, you are sure to come away with newfound insights. Use these to increase your company's effectiveness and as input into your business or marketing plan.

~~~~~~~~~~~~~ Related Resources ~~~~~~~~~~~~~

* Book: Strategic Marketing Planning http://www.websitemarketingplan.com/sr.htm

* Resources: Market Research and Analysis http://www.websitemarketingplan.com/SR12.htm

* Article: Affordable Market Research http://www.websitemarketingplan.com/Arts/MktRsrch.htm

* Change. Following “status quo” is no longer acceptable and can be fatal to a business. If you don’t or can’t figure out a new, improved way of delivering your product or service, your competitor will. Whatever you do, do not remain stagnant.

* Implementation. Making a strategic plan is only part of picture. You must also work plan. Not working a plan is as deadly to a business as not having one. Follow-through is absolutely necessary.

* Passion. Closely related to vision, passion is what keeps you moving ahead when times get tough – and they will. Continuing, even in face of adversity and long odds is what passion is all about. True leaders hold deeply belief that what they are doing really does make a difference. Passion does not guarantee success but lack of it almost certainly guarantees failure.

If these are why most businesses fail, then how does one succeed or at least have a better chance to be successful? Look back over list above. Create vision, plans and systems. Take a leadership role. Believe in what you are doing and commit to completion. It really isn’t a big secret, but it’s also not easy. Surround yourself with a support system of people – especially a business coach. By doing these things consistently, you increase odds that your business will not become another dismal statistic.

Copyright © 2002, Monty J. Sharp

========== Vision to Venture, LLC is an executive coaching company dedicated to providing an interpersonal approach to high performance Executives, managers and work teams. Our highly effective and balanced approach to leadership development, teambuilding and action learning get both business related as well as human results. Visit us at http://www.workteamcoaching.com