Connect, Innovate and Thrive, a 5 part series to jumpstart your business in 2012:
Part II of our SWOT* Analysis: How will you know when to Zig and when to Zag?
Join us in March to focus on your business OPPORTUNITIES AND THREATS. In January we looked at Strengths and Weaknesses – see the Stowe WBON blog to read more about it.
To take advantage of opportunities and minimize the threats in your world of business it is essential to ask yourself these questions:
- What is my niche, who are my best clients/customers?
- How do I pay attention to marketplace trends and what are the best resources to track these trends?
- Who is my competition (one kind of threat)?
- What are some other potential threats to my business?
Once you answer these questions you can create strategies to position yourself in the marketplace to thrive. But wait! One more question you have to ask yourself as you put your strategies into action is:
Will I benefit most from Zagging (going along with the trends in my area of business) or Zigging and going against the grain, being ahead of the curve or outside the box?
Leave with some tools to Zig and Zag at the right time!
* SWOT: Strengths, Weaknesses, Opportunities and Threats – Method used in strategic planning