By Kristen Whit3
Apply this important step from the business world to your author business. This will show you clearly what are the next steps for you to take to build your path to creating a highly visible and successful online business.
SWOT might sound like something you do to a gnat, but in the business world, it’s an analysis that enables you to understand your external and internal influences that could be the key to your success.
SWOT stands for strengths, weaknesses, opportunities, and threats. This analysis is best suited prior to developing a strategic plan or initiative for your business or services.
Use the SWOT analysis to identify new business options, to grow your footprint in the marketplace, to evaluate current strategies and to understand any possible obstacles posed by competitors, regulators and the like.
Understanding Strengths & Weaknesses
The first two letters of the acronym, strengths and weaknesses, refer to internal factors that affect the company from within and you could control given the resources. For example, strengths such as patents, location or proximity to natural resources or current processes like employee programs and benefits packages. Anything that originates internally or basically that you can control that can either give you a competitive advantage or decrease your edge in the market would be part of the “SW” in the analysis.
Understanding Opportunities & Threats
The last two letters, opportunities and threats, sound optimistic and ominous with good reason. Generally speaking, these two areas are considered external from the company and you would likely have no control over these areas manifesting itself in your marketplace. For example, opportunities may come available that include great publicity from a project or finding an underserved segment of the market to address. You cannot necessarily control if those opportunities will come to fruition but you should aim to create the opportunity anyway. In turn, when thinking of threats such as additional regulations or increased safety concerns by the community, you can’t control if those things but you should recognize the possibility within the analysis. Here is link with more detail on a SWOT.
What’s at stake?
Not fully examining a SWOT analysis has the ability to sidetrack or derail a strategic plan, if not identified and addressed properly. The SWOT should support decisions and provide a framework for action. Be sure to include team members and relevant stakeholders in the process for a well-rounded analysis.
Take it a step further and consider also doing a personal SWOT analysis for personal and professional development. Pull from the business world and apply the strategies the make both large and small companies more successful and watch your entrepreneurial author business grow as a result. Leverage your own SWOT to a better YOU.
Kristen White, creator of Business Beyond Your Book™: Build a 6+ Figure Business Transforming Lives, guides authors to create highly visible, customized, successful online businesses based on the content in their books. As an award-winning business coach, a bestselling author, media personality, filmmaker and host of Mandala available on Amazon Prime Kristen White has guided many on this path to living the Laptop Lifestyle as an author. Download a copy of her Free Gift, 22 Proven Paths to Make 6+ Figures in 2018 as a Highly Visible Author and Thought Leader. Unlock the insider secrets of other successful millionaire entrepreneurial authors and design your business plan for this year today!