Why is it important for you, as a business owner, to know what your company’s strengths are?
In my last posts, I’ve be leading you through the use of a SWOT analysis to help you take stock of where your business is today and how to use what you learn to improve your business.
The SWOT 'S' stands for Strengths; these are your business’ superpowers.
Why is getting to your exact, true strengths important?
Two reasons, it can allow you to:
Build and extend
Validate and promote
BUILD AND EXTEND Once you identify your true strengths, you want to:
Do everything you can to build on them
Extend your lead in these areas and invest in them to make them even better
Be intentional and not compromise a strength by accident
VALIDATE AND PROMOTE If you have something that you believe is a strength:
Validate it with your customers and confirm the market values it
Promote it in all your marketing collateral once validated
What are the strengths that make your company unique? Let’s start with some basic questions. I encourage you to write your strengths out so you can be intentional in your validating and promoting.
What does your company do well?
What unique approach or talents or products or services does your company bring to the marketplace?
What does your company do that your competition wishes they could duplicate?
What parts of your company’s operation are truly excellent?
This process is not as easy as you might think. I have a lot of clients that in their first pass will have 'Customer Service' or 'Teamwork' or 'Culture' as one of their strengths. While it might be true...I always find it necessary to double-click on these types of generalizations.
What is it about your Customer Service that makes it different from your competition?
What is it about your Teamwork that makes your customer experience better?
How does your company Culture give you an advantage in the marketplace?
Don’t take your strengths for granted. 2020 taught us anything can happen. What are you doing today that is a unique approach that separates you from the competition but might no longer be possible tomorrow? Are you ready?
EXAMPLE--Here’s a powerful one.
I was working with a very successful real estate team and one of their strengths was their ability to leverage open houses into leads that converted; they were really good at it. Then COVID-19 hit, and open houses were no longer possible. Overnight, one of their superpowers was gone . . . it had met its kryptonite. They had to adapt and make adjustments and in their 2021 plan, they replaced this strength with another one they could build on and extend.
Do you know someone that could benefit from this tip? Share this post with them.
Be encouraged. Be strong. Be courageous.