What is your biggest area of business opportunity? In other words, what is the problem your clients have that you can provide a solution for?
One way to determine what this is, is to conduct a SWOT analysis. This process will address your business Strengths, Weaknesses, OPPORTUNITIES, and Threats. This analysis is helpful in two ways. You will provide a solution for your clients and increase your personal business satisfaction by capitalizing on your talents and abilities.
Consider your business opportunities…
- What services can your business reasonably expand to provide? Take a minute to reflect on past clients. The key to business success is to determine what problems your clients have and to develop a solution you can deliver to them. Is there a service or product you are regularly asked to provide, but cannot? Based on your own and your employee’s talents, resources, and current services, can you reasonably expand your business to provide these services?
- What changes are taking place in your local community? Stay engaged with your local community and aware of changes you can incorporate into your business model. For instance, a new coffee shop is opening a few blocks away from your office. You could approach the owners with marketing advice and facilitate their social media and print campaign to market their grand opening. In exchange, you are able to expand your business and outreach to a new circle of influence. Remember, changes can be as simple as a community event or sponsoring a local project, so stay engaged and involved in your neighborhood.
- What types of referral partners do you have? Above, you may have identified a product or service you are currently unable to provide. In considering whether to expand, you may decide it does not fit within your business model to provide these services based on your resources and skills. However, you can still be the solution by developing your referral partners! Review your referral partners to determine whether you already have the right people in place. If so, reach out to them to develop the delivery of this service in conjunction with your business arrangements. If you do not have the right referral partner in place, get to networking! THIS is your opportunity!
To learn more about conducting a SWOT analysis, click here.
Need a little direction in performing your own SWOT analysis? Give us a call at Piccolo Marketing at 615-348-7768 to get started.