If Part 1 of this new series was the all time most obvious business growth tips, part 2 is one of the oldest.  A worthwhile thought process nonetheless.

DO A SWOT ANALYSIS

As part of your business planning process, conduct a SWOT analysis to help you identify your company’s:

• Strengths
• Weaknesses
• Opportunities
• Threats

Use this to again set actions for improvement. Here are some questions to ask:

Strengths
What are we really good at?
What are our unique skills?
Where do we outperform our competitors?

Weaknesses
What are we really poor at?
What resources are we short of?
Where are we at a competitive disadvantage?

Opportunities
How could we improve our sales?
How could we improve our efficiency?
What new products/services/niche markets could be added?

Threats
What regulations are changing?
What products/services are losing demand?
What resources are difficult to find?
What are our competitors doing?