Written by Kodie Axelsen
No, I don’t mean those buff individuals in bulletproof vests. I’m talking dollars and cents. Equity. Cash you have that creates your financial strength!
All business owners are in a time of change. Some are reeling in the benefits after COVID and others are struggling to get by with the changes, lockdowns and extra policies to abide by.
When in a time of drastic change it is a great idea to reflect on your business. A SWOT analysis can give you a template to work by to brainstorm and write down all the strengths, weaknesses, opportunities and threats. From there you can see on paper all sides of the things that work and the things that don’t. I find this makes it a lot easier to navigate a path to success. When it’s written down you have then acknowledged all things good and bad and you have made that move to plan and grow.
After all, when we go into business we know the risks we are taking and we also know the opportunity that’s there. With growth comes change and with change comes reflection. Reflect on your business and identify positive points of change and the little things that may have been getting
you down might not matter any more.
You can now move forward and plan your strategy to gain more of the things that work and less of the things you have identified that don’t. A clear head means more space for ideas and improvement and overall a stronger business and a stronger you!!!
Now get out there, get planning, jot those notes down, figure out how you’re going to increase your profit margin, add another product line, diversify your income, hire another staff member. I can guarantee something positive will come from it!
Have fun and keep building your financial strength!
If you have a success story from doing the above let me know! I’m keen as beans to read about it!