Every business whether it be retail, manufacturing, consulting or any other service should be evaluating their Strengths, Weaknesses, Opportunities and Threats on a regular basis.
I recommend you analyze these four areas of your business on a weekly or monthly basis to ensure you are relevant and responsive.
Strengths – Think about what your company does well. What makes you stand out from your competitors? What advantages do you have over other businesses?
Weaknesses – List the areas that are a struggle. What do your customers complain about? What are the unmet needs of your sales force?
Opportunities – Try to uncover areas where your strengths are not being fully utilized. Are there emerging trends that fit with your company’s strengths? Is there a product/service area that you could do well in but are not yet competing?
Threats – Look both inside and outside of your company for things that could damage your business. Internally, do you have financial, development, or other problems? Externally, are your competitors becoming stronger, are there emerging trends that amplify one of your weaknesses, or do you see other threats to your company’s success?