Baby, it's cold outside (or SWOT or not to SWOT)

Trudging through the snow last week, for what I hope is the last time this winter (I'm an optimist!), got me thinking. We don't see snow very often, and suddenly the whole outside world looks rather different. As I look out of my office window, the silver birch that I though was a silvery white, is actually pink. The garden is normally full of different grassy levels, but now the shape of each individual tree is much easier to see. I can see where all the different animals go because they have left little trails of pawprints across the snow. And I realised that these signs have always been there, but it is only because of the novelty of the snow that I am paying them more attention.

Then I wondered. When was the last time I looked outside of my business with the same degree of attention? Perhaps the novelty of a deep recession could provide the same backdrop to this as this deep snow did?

I looked at all the different tools I have that might help me do this, and remembered the SWOT. Ah ha! I thought. For those not familiar with this, a SWOT looks at your internal Strengths and Weaknesses against the external Opportunities and Threats. The review of the external factors is just like looking out of the window onto the snow, but you review the Political, Economic, Social and Technological factors, and how they may have changed. (And yes, this spells PEST, so it's kind of like looking at those animal footprints!) Some of these changes may have no impact, some, e.g. a shortage of available credit, may present an increased threat to your business and some, e.g. increased numbers of people working from home to decrease transport costs, may provide you with an opportunity to increase your business in some way. The review is similar for everyone, but the impact will be unique to your particular business. Having done that, you can snuggle back into the warmth of your business and review whether you have the strengths in the right resources, skills and knowledge to overcome the threats or to take advantage of the opportunities or whether you need some training or extra help if these are weaknesses.

Have you done a SWOT for your business yet this year? It's better than moaning about the cold and the snow isn't it?