As a successful retailer, you need to work ‘in’ your business to generate a return on your investment now and work ‘on’ your business to ensure that you generate a return on your investment in
future.This means it is critical that you take time to stand back from
business and objectively analyse it and develop a plan for
future.
1.Do a SWOT Analysis on Your Business
You need an analysis process that will work in your business. Most consultants will tell you that a SWOT analysis carried out at least once a year is critical to your businesses success. Do
SWOT analysis away from
business so that you are not disturbed by
day to day business distractions.
Ideally, get your key team members to join you to carry out
analysis. A group of 5 or 6 in a team will develop more thought than one brain.
2.Identify Your Strengths
You need to clearly identify
strengths of your business as your first objectives. As a group provide answers to
following:
•What do we do really well?
•What sector of our retailing adds most to
bottom line?
•What are
areas of our business where we outperform out competition?
•What parts of our retailing endorses how customers perceive us with positive recognition?
3.Identify Your Weaknesses
Do not start your ‘think tank’ with identifying your weaknesses. Start with
positive areas as this builds moral and confidence. But,
key is to identify your weaknesses.
You need objective answers to
following questions:-
•What areas of your business operation provide
most frequent complaints?
•In what situation are we most vulnerable as a retail operation?
•What products or processes provide
most problem?
•What products or processes bring in
lowest returns?
4.Analyse Your Opportunities
Once your decide on what your strengths and weaknesses are, you can than start planning your future direction. Again, start with
positive and look at
opportunities.
You will need objective answers to
following questions:-
•What opportunities exist to improve
internal running of your retail business?
•What are
current marketing opportunities that you should exploit?
•What changes are taking place that are external to your business, that will allow you to operate more effectively?
5.Analyse
Treats to Your Business
The final part of your SWOT is to analyse
threats to your business.