Have You Done A SWOT Analysis On Your Business Lately?
Why Should You? What Is It? How Can It Help You?
"How A SWOT Analysis Can Help Your Real Estate Business" was one of my most popular featured posts that I wrote back in December 2015. Since we are now in the 4th Quarter of the year 2018, I thought it might be a good time to repost the article and share some of the benefits of doing a periodic checkup on your business. It's not too early to start working on your Business Plan for 2019 or make adjustments that can help you finish stronger in 2018...
S - Strengths - Your strengths might be: Education, Experience, Positivity, Reputation,
Your Brand, Your Market Share, Your Resources, Your Team, Your Personality,
Your Value Proposition, and lastly Your Competitive Advantage
W - Weaknesses - Your weak areas might be: Lack of Experience, Lack of Education,
Lack of Support, Lack of Motivation, Personal Limitations, Poor Planning Habits,
Lack of Training, Personality traits that hinder your success,
and lastly you may have Financial Limitations that are creating roadblocks.
O - Opportunities - Where are New Opportunities: Emerging Markets, New Developments,
Market Trends, Expand Your Customer Base, Recruit New Team Members,
Develop New Target Markets, Expand Your Scope of Business,
Offer Complimentary Services and lastly Uncover New Customers.
T - Threats - What Threats Are There to Your Business: These might include
Economic Factors, Your Competition, Low Inventory, Industry Changes,
Outside Competition from 3rd Parties, Interest Rates, and lastly Economic Factors.
A SWOT Analysis is useful technique and exercise that can help you uncover areas of weakness in your business as well as help you identify new opportunities. In the current business climate, "we all want to identify new opportunities". This simple exercise forces you to take a hard look at yourself and your business. What areas do I need to improve? Am I prepared to overcome obstacles that may come my way in the future?
As a Real Estate professional, and Entrepreneur, it is a good idea to periodically perform a SWOT Analysis. As a result, you can identify strengths and core business values, identify and deal with any weak areas, and prepare for any possible threats or outside influences that may affect your business, market share, and ultimately your bottom line.
New business opportunities will present themselves. By being prepared to take advantage of these as they become available, they will not only help you grow your business and brand, but help to keep you ahead of your competition and maintain a steady flow of business and commission income.
Joyce Marsh - Leader in Luxury Real Estate and former Managing Director for Stirling Sotheby's International Realty's office in Lake Mary Florida and Ormond Beach Florida. An award winning real estate professional with numerous certifications, contract negotiation skills and expertise in luxury home marketing. ©2018 Joyce Marsh Homes & Lifestyles in the central Florida area. Working with home sellers and home buyers who love our Florida lifestyle.