Women in Business Online: Create a Success Catalyst with this Strategic Planning Tool

When it comes to being the multi-passionate, creative and conscious entrepreneur that I am, my knee-jerk reaction is to resist and even under-value “traditional” business tools. I’m convinced it’s a bit of rebellion left from escaping the corporate world. Can you relate?

When I became an entrepreneur I used to believe that “corporate” planning tools didn’t apply to me somehow but with the help of my coaches and mentors I’ve learned how to leverage many “traditional” tools as a catalyst to greater success.

Two of my favorite tools beyond a traditional business plan are:

1) the Operations Manual

2) the SWOT Analysis

Today we’ll look at the SWOT analysis (sometimes referred to as a risk analysis). In early 2010 I’ll be hosting a tele-class on how to create an operations manual for an online business as well as how it fits into an equity-rich business philosophy that fuels a true freedom-based business.

SWOT is an acronym for:

S = Strengths

W = Weaknesses

O = Opportunities

T = Threats

The graphic shows a traditional graph version of SWOT but you could easily use mind-mapping techniques. The traditional chart provides a simple visual for today’s article but stay tuned to the blog for a continuation of this topic from a mind-mapping perspective.

The key to this exercise is to look at your business and your goals through each lens. The end result is a snapshot of the current status of your business and a reference point that allows you to shift into immediate action.

One of my best recommendations to my clients is to “start where you are” and that is only possible when you have an honest and accurate assessment.
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So, what are YOUR honest answers to these questions:

• What are your business strengths?

• What are the gaps or weaknesses that exist?

• What opportunities exist for you right now?

• Are there any potential threats or barriers?

Knowing the answer to these questions empowers the planning process.

For example, identifying opportunities that exist for you right now provides clarity of what needs immediate attention. Knowing the gaps and weaknesses that exist places a spotlight on specific areas that may need to be eliminated, delegated or automated.

Your SWOT analysis becomes a launching pad to taking focused action to improve your business.

Or perhaps you need to get serious about improving your skills in a specific area because the lack of has become a threat to the success of your business.

Trying to create success with blinders on is right up there with adopting hope as a strategy. It just doesn’t work.

Based on your SWOT, what are your next steps? Write them down. Schedule time in your calendar.

Keep an open mind. Even the most traditional corporate business tools can be leveraged by creative and conscious entrepreneurs.

Give the SWOT analysis a try. I guarantee that it will provide new and powerful insights that will support your planning and goals for the coming year.

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