This simple strategic planning technique can help you identify what your business is doing well, what it needs to improve, where it needs to grow, and what could be its undoing.
Choosing the right direction for the future of your company can be a daunting task. Should you add services? Is your team staying competitive? How can you improve cash flow?
All of these questions and more can be answered by performing a regular SWOT analysis.
What is a SWOT Analysis?
SWOT stands for strengths, weaknesses, opportunities and threats. Taking a deep look into your business by examining these four elements will provide you with an overview of the health of your company. Your strengths and opportunities offer avenues for your company to flourish, while your weaknesses and threats can inspire improvement and help you recognize emerging competition.
It’s likely that you completed a SWOT analysis in the beginning stages of your business plan to help determine where you stood in the market and identify target customers. Now that your business is established, it’s imperative to conduct regular SWOT analyses to help improve your operations and systems and stave off problems.
How to Get Started with a SWOT Analysis
The most vital step in conducting your SWOT analysis is determining what your strengths, weaknesses, opportunities and threats are, but sometimes they can be hard to narrow down. Continue reading
A growing number of self-proclaimed experts promise they can teach anyone how to make a passive income selling cheap Chinese goods in the internet’s largest store. Not everyone’s getting rich quick.
by Alana Semuels, The Atlantic, Jan 2, 2019
It was only after they’d sunk $40,000 and nine months of precious nights and weekends that Jordan McDowell and William Bjork realized how hard it is to make a passive income selling things on Amazon.
The couple had hoped to strike it rich—or at least quit their day jobs—buying goods from China and reselling them on the e-commerce site. Instead, they lost their savings. For that, they blame Matt Behdjou and Mike Gazzola.
In late 2016, McDowell and Bjork stumbled across a podcast hosted by Behdjou and Gazzola, normal guys who claimed they were making thousands of dollars working less than two hours a day on Amazon. The pair promised that anyone could do the same—all they needed to do was pay $3,999 for three months of coaching that would teach them everything they needed to know about the business.
They’d learn how to source and ship a product from China, how to list it for an attractive markup on Amazon’s third-party marketplace, how to advertise it to consumers, and how to get them to leave good reviews. Amazon would take care of the logistics of storing and shipping, for a fee, through its Fulfillment by Amazon program. Behdjou and Gazzola even provided class participants with a manufacturing contact in China, and organized paid tours of Chinese merchandise markets.
Read more here…
by Kelly Deis of SoundPoint Consulting
The odds are that there are a lot of other businesses in your market providing similar products or services. So what is compelling about your firm that sets you apart from your competition and entices potential customers to buy from you?
Many business owners will answer with the “soft” differentiators, such as reputation, good service and high quality. These are all great characteristics (and absolutely necessary!), but do they really set you apart? I’ll bet that if you ask your competition what sets them apart, you will get similar answers.
The fact is that highly differentiated firms are generally more profitable than their counterparts. Their overall market may be smaller than a less differentiated firm, but they have more of it (the proverbial big fish in little pond). And, they most likely charge more and spend less on advertising and marketing. Continue reading
What Does It Mean for Your Small Business?
By Andrey Bobrovskiy, smallbizdaily.com
Have you noticed something different about your in-store transactions recently? If so, that’s likely because the end of the signature requirement announced by Visa, Mastercard, American Express and Discover is finally coming into effect. Although it affects just one step in the payment process, it means a lot more for your small business in the long run.
It Makes Checkouts More Convenient
The payment card industry has been moving toward simplicity and convenience for years. Customers want seamless and secure methods of paying for goods and services, while merchants seek reliable and flexible ways to process these payments across a variety of channels. This paved the way to innovative forms of payments, including those using near-field communication and virtual reality.
However, convenience isn’t always about adding new features. Oftentimes less is more, and this happens to be the case with credit card signatures. By now, they’ve simply outlived their usefulness, a fact supported by Mastercard’s revelation that it already didn’t require signatures for 80 percent of its transactions even before the changes went into effect. Continue reading