To assess what affect market conditions will have on your business consider doing a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses reflect internal factors while opportunities and threats reflect external factors.

Strengths: Assessing the strengths of your business includes developing or reviewing your strategic plan. Part of the value of developing a strategic plan is it helps to develop a strategy for your business. As Verne Harnish notes in his book, The Rockefeller Habits, a real strategy must pass two tests: 1) what you are doing must matter to your existing and potential customers and 2) what you do must be different from your competition.

Weaknesses: If your sales during the holiday season were not what you anticipated now’s the time to explore why. Did you lack marketing expertise? Were your products or services undifferentiated in relation to your competitor’s? Assessing weaknesses should also include how other internal factors may affect your store or company’s performance during the next 18 months.

Opportunities: If you’re concerned about how your business will perform during 2009 consider developing a different marketing campaign. Are there strategic partnerships and alliances that you could form that would strengthen your business and increase your profits? Are there new markets, including international destinations that will purchase your product or service? Can you take advantage of a competitor who has left the market?

Threats: If the economy does not begin to improve for 18 months exactly how will it affect your business? Is your business subject to price wars among competitors? Do you have a competitor who is offering a new or innovative service or product? How will the new administration affect your business?

These are a few of the questions involved in a SWOT analysis. The value of doing a SWOT review is that it involves assessing both internal and external factors that could affect your business. For more information about conducting a SWOT analysis and how it can improve your business do a Google search. Or call me. I’d be happy to further explore options for strengthening your business despite a struggling economy.

JC is a business advisor and lawyer with John Cancelleri, P.C.  JC’s value as a business professional is augmented by being a life coach and by having a PhD in Organizational Leadership. You can reach him at 804-368-7397 or jc@jcvirginialawyer.com

This is an article I wrote in July for Retail Partners, the then monthly publication of the Retail Merchant Association.

During the past thirty days Fannie Mae and Freddie Mac imploded, AIG nearly imploded, and Merrill Lynch and Lehman Brothers ceased to exist. All of this on top of the housing crisis, the credit crunch and a three billion dollar state budget shortfall. While we can’t change what’s happened or control how the markets may continue to gyrate there is much that can be learned from our current situation.

My take on what’s been happening confirms that leadership, vision and integrity are not mere placards. They are in fact and will remain foundational to meaningful and extended personal, professional and organizational success. In this article I briefly discuss leadership. Specifically I present five practices that every business owner and every business leader should demonstrate. These five practices when consistently performed can distinguish and propel a business even in uncertain times. The five practices are: challenging the process, inspiring a shared vision, enabling others to act, modeling the way and encouraging the heart.

These five practices are identified by James Kouzes and Barry Posner as those that are commitments of exemplary leaders. In their book, The Leadership Challenge, Kouzes and Posner define and describe each practice. For example, challenging the process refers to the practice of taking risks and leading in the face of obstacles. Inspiring a shared vision occurs when business owners and business executives integrate the dreams and goals of their employees into those of the organization. Enabling others to act refers to empowering others by building relationships based on trust and confidence. Modeling the way is simply setting an example by what one does. Encouraging the heart occurs when owners and executive recognize individual efforts and celebrate accomplishments.

These five practices may be easier to demonstrate when revenues are growing and profits are increasing and everyone is happy. I would argue that during uncertain times they are even more important to practice. I would further argue that demonstrating these practices during uncertain times can distinguish you among the pack as an exemplary leader and business.

JC is a business advisor and lawyer with John Cancelleri, P.C.  JC’s value as a business professional is augmented by being a life coach and by having a PhD in Organizational Leadership. You can reach him at 804-368-7397 or jc@jcvirginialawyer.com

James M. Kouzes and Barry Z. Posner. (1995) The Leadership Challenge. Jossey-Bass: San Francisco.

Association members have access to a variety of products and services. These include floral and apparel products and payroll and marketing services to name a few. This article discusses the importance of using member services to help grow your business.

As a business advisor and lawyer, life coach and financial counselor I need the services of a variety of businesses to help my firm grow. While it may be counter intuitive this is particularly true during difficult times. Unless you’re planning on retiring or quitting, you should be planning for the 2009 holiday season as well as the first half of 2010. What are you going to do to maintain your market share? If you have a bigger vision you may be thinking about how to increase your market share.
I’m determined to increase market share. Consequently and despite the economy I am investing in more education, marketing and search engine optimization programs than ever before. Did I mention I’m doing that despite already being a lawyer, having a PhD and being a certified life coach? Why…..because everyday we’re becoming more of a knowledge based economy. And I simply don’t want to get left behind! In fact I’m determined to become a world class business consultant, life coach and financial counselor.
Consequently during the last month alone I’ve met with several RMA members to learn how they can help me grow my business. I’ve become a client of two members and in the future may hire another one that provides administrative services.
I titled this article fall planning. I did so because nothing gets done without having a plan and being intentional. I have to be intentional because being passive will result in a slow but certain death…..on second though it may not be a slow death.
What about my fellow RMA members? Do you think web sites, social networks and search engine optimizations services are expenses instead of investments? Or maybe you think they’re fads. You’d likely be wrong on both accounts. I would encourage every RMA member to contact at least three members to explore how they can help grow your business. If you want to learn more about what I’m doing call me. While I’m just getting started I’d be happy to share ideas.
JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership. You can reach him at 804 368 7397 or jc@jcvirginialawyer.com