Every business owner should conduct a regular SWOT analysis to assess the company’s strengths, weaknesses, opportunities and threats in relation to its competition.
Business Health Check Tool
May 3, 2023
Whether you are starting your business or established and looking to grow, our Business Healthcheck Tool will provide practical information and guidance.
You will be asked about key business improvement topics, and we’ll provide you with tips, tactics, and templates to help you implement these business management practices in your business.
Some of the tips include how to:
- Improve net profit drivers
- Lower your direct costs by looking for better deals on costs such as energy, internet, and telephone
- Make sure you swiftly collect money that’s owed to you
- Reduce the cost of goods sold (COGS) by using lower-cost materials where possible
- Find ways to grow your existing business
- Maintain regular contact with existing customers and clients by email
- Offer new ways for people to buy from you such as online ordering
- Develop a system of asking for referrals
- Determine new business channels and models
- Profile your existing customer base to re-establish your target consumers, then determine different distribution channels
- Consider entering into a strategic alliance with successful distributors or complementary businesses
- Build competitive advantage
- Perform a SWOT (strengths, weaknesses, opportunities, and threats) analysis
- Focus on what differentiates you in the marketplace
- Outline what you’re doing well that your competitors can’t match
- Develop an effective marketing campaign
- Conduct surveys and develop a social media presence
- Build word-of-mouth advertising
- Share your knowledge and experience at industry events
- Focus on the key business drivers
- Predict customer needs by using your sales data
- Exporting can be a great way to gain new customers and increase revenue
- Set goals for your employees
- Identify demand
- Estimate the size of the market
- Research price points
- Attend trade shows to talk to potential customers and check out the competition
- Have working capital reserves
- Encourage your customers to pay using online and mobile payment options – the cash is then in your account immediately.
- Reduce working capital needs.
- Re-negotiate with suppliers for better credit terms
After you’ve completed the test, be sure to work with a SCORE mentor to best ways to implement the suggested changes.
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