In order to ensure your business not only survives, but thrives today and tomorrow, it is important to take a close look at your S.W.O.T.S. (Strengths, Weaknesses, Opportunities and Threats). David Peters, Jewelers of America’s resident education and management expert, says that a thorough evaluation of all four positions should be done at least annually, or when a major shift (such as the current economy) occurs.
Peters offers the following guidelines for analyzing your business's SWOTS:
- Strengths: Evaluate strengths against current conditions and future goals.
- Weaknesses: Consider whether current weaknesses will prevent you from achieving planned growth and profitability.
- Opportunities: Think "outside the box" and consider what you can do now that you have not done before.
- Threats: Consider threats from both an internal and external context.
Take The Tip:
Take the 2010 Cost of Doing Business survey and remove the guesswork when it comes to understanding your store’s strengths and weaknesses. Visit www.jewelrysurvey2010.com to complete the survey by May 15, 2010, and you’ll receive an immediate calculation of your financial ratios and a copy of the renowned benchmarking tool the 2010 Jewelers of America Cost of Doing Business Report – both invaluable to analyzing your business performance. The Report gives you comprehensive jewelry retail operations data to benchmark and compare your business to industry averages.
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