Performing an analysis of your practice using the SWOT (strengths, weaknesses, opportunities and threats) method can help you fulfill your long-term vision. This analysis that can encompass many aspects of your business, such as marketing, client service and productivity.
But a performing a SWOT analysis is a significant, time-consuming process that may seem daunting. The following tips can help you manage the process:
1. Do your brainstorming away from the office
It can be helpful to remove yourself from the hustle and bustle of your business in order to concentrate on your analysis, says Larry Distillio, director of financial advisor business management with Mackenzie Financial Corp. in Toronto.
“Get away from the desk and get [between] four different walls, without any interruptions,” he says.
2. Map the “symmetry” of your business
If you’re finding it difficult to brainstorm your SWOT ideas, Distillio suggests an exercise to help get you thinking. Take a sheet of paper and draw a vertical line down the middle. On the left side, write down what is important to you about your business. On the right side, list your day-to-day activities.
You’re looking to see if the items listed on the right side actually correspond with what you aspire to make your business look like, Distilio says. Depending on how well they relate, your day-to-day activities could be strengths or weaknesses.
For instance, you want to be known for your personalized relationships with clients. However, you realize your days are tightly scheduled with review meetings and administrative tasks, leaving you unable to check in with clients outside of the office. That shortcoming would be a weakness that must be corrected if you are looking to understand your clients’ life goals.
3. Use a “critical thinking partner”
Assessing yourself objectively can be difficult. You may believe you have talents that others do not see. Or you may be overly self-critical and unable to fully recognize your strengths. The opinion of another, trusted person can help.
This person could be a mentor, business partner, colleague, coach or consultant, Distillio says. His or her purpose will be to motivate you to think critically about your practice and the issues that will affect its growth. Your “critical thinking partner” will ask you tough questions about your business, Distillio says, which might make you uncomfortable. But this step will ultimately be beneficial.
“The moment you get uncomfortable is the moment that you grow,” Distillio says.
This is the second part in a two-part series on performing a SWOT analysis of your practice.