Business Owner SWOT | SalesPlus MVP Coaching & Training

Introduction

What you unearth in this worksheet may result in the modification—or even elimination—of some key factors in your Personal Vision Statement. This worksheet will lead you into a self-examination that determines the personal strengths you possess, the weaknesses that limit you, the opportunities that exist for you to take advantage of, and any possible threats against which you should make plans. An understanding of these four elements: strengths, weaknesses, opportunities and threats—your SWOTs—will indicate whether you have what it takes to realistically attain each part of your Personal Vision Statement.

Self-examination can be difficult, but remember that self-awareness, as well as self acceptance, is important for the achievement of success.

Instructions:

Please answer all the relevant questions that pertain to your situation. Type your response to each question by placing your cursor in the space following each heading, before clicking the submit button. Thanks!

Step 1 of 4

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Exercise 1-A: Personal Competitive Edge Strengths

In examining your Personal Strengths, you must identify the greatest business strengths you possess that you also have passion to use, agree with your basic personality or behavioral nature and which can make a major positive impact on your company. These are your Personal Competitive Edge Strengths.

The first objective in finding your Personal Competitive Edge Strengths is to identify those areas where you perform at a higher level than the majority of people. Once you identify these areas, you must then determine whether you possess passion for doing them. Personal Competitive Edge Strengths must be in harmony with your basic nature or you will ultimately find them stressful; hence, you will not give your full effort. It is possible to successfully adapt to a skill, such as selling, and even become quite good at it even though you greatly dislike doing it. Again, regardless of how well you master a skill, it will never be a Personal Competitive Edge Strength if you do not also have passion for it.

Next, you need to determine the degree of positive impact each of these areas has on your company. For example, merely stating “good with numbers” is not a Personal Competitive Edge Strength unless you also have a passion for numbers, working with them is consistent with your basic personality or behavioral nature and doing so can greatly impact your business.

The following are areas to consider in developing your Personal Competitive Edge Strengths Statement, with examples shown:

1. Identify the things in your business at which you excel. (engineering, negotiations, developing strategic alliances, analyzing company financial statements, selling big accounts, creating team atmosphere) *

2. Identify items you listed in #1 for which you have a driving passion to do. (engineering, negotiations, developing strategic alliances, analyzing company financial statements, selling big accounts, creating team atmosphere) *

3. Which of the items identified in #2 are in harmony with your basic personality or behavioral nature—in other words, you don’t have to force yourself to adapt to them in order to excel at them? (engineering, negotiations, developing strategic alliances, analyzing company financial statements, selling big accounts, creating team atmosphere) *

4. Which of the items identified in #3 have “Big Picture” potential for your business? (engineering, negotiations, developing strategic alliances, analyzing company financial statements, selling big accounts, creating team atmosphere) *

5. List any miscellaneous items that you consider to be Competitive Edge Strengths. *

Rank the following in order of importance for your company’s future with 1 being the most important. Then, write a short statement explaining the importance of the area ranked number 1.

• Charitable
• Company image
• Environmental impact
• Innovation/risk-taking
• Leadership in industry/profession/community
• Management approach
• Productivity
• Quality

Create your 100-word Personal Competitive Edge Strengths statement *

Exercise 1-B: Personal Non-Business Strengths

Now you will identify the strengths that exist within your non-business life. These are your Personal Non-Business Strengths.

The following are areas to consider in developing your Personal Non-Business Strengths Statement, with examples shown:

1. Identify the strengths that exist in your family life. (strong marriage, great parents that helped bring about my strong sense of self-confidence, strong support system among close relations, close relationship with grandchildren) *

2. Identify the things about your personality that you believe to be strengths. (tenacious, very consistent, self-motivated, very grounded in spiritual beliefs) *

3. Identify the factors relating to your health that are strengths. (high energy level, good cardiovascular system, weight under control, low cholesterol) *

4. List any miscellaneous items that you consider to be Personal Non-Business Strengths. (communication skills, two long-term friends I have had for decades) *

The following is an actual Non-Business Personal Strengths Statement written by a business owner:

• Positive relationship with my wife, including open communication skills.
• Commitment to maintaining my mental and physical health.
• Open and interactive relationship with my two children.
• Have close circle of long-term friends who create positive support system.

Create your 100-word Non-Business Personal Strengths statement *

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Exercise 2-A: Personal Business Weaknesses

Every one of us has things we must do even if we are not great—or even good—at doing them. To identify your Personal Weaknesses, you must objectively examine your business-related weaknesses that create negative patterns in your life.

When identifying your Personal Weaknesses, take stock of the things within your job responsibilities that hold little interest for you and which drain your positive energy. There are common areas of weakness typical to the majority of business owners. Even if you excel in these areas, if you have no passion for them, or doing them makes you unhappy, then they may be weaknesses. To change the innate laws of “who we are” is often impossible, but recognizing our weaknesses can allow us to create plans that get successful results without changing the basic nature of our personal makeup.

The following are areas to consider in developing your Personal Business Weaknesses Statement, with examples shown:

1. What tasks or responsibilities do you dread doing in your business due to the wide gap that exists between your natural ability and personal aptitude and the ability and aptitude needed for the job? (selling company services, reviewing financial statements)

2. What work situations involving conflict create a clash between your natural behavioral style and the style you must adapt to in order to get those jobs done? (handling employee conflict, firing employees, conducting employee reviews)

3. Do you have difficulty keeping business relationships separate from your personal life? If so, briefly explain. (get too friendly with my employees, managers and suppliers, which has caused accountability problems)

4. Are you overly time-committed to your company because it is too dependent on you? (am basically a slave to my business because I have no other employees who can handle the key functions in the business)

5. Do you have an “I” mentality or a “We” mentality? (encourage my employees to take initiatives, but do not give them as much credit for their ideas as I should, believe that unless I do it myself, it will not get done properly)

6. Do you have trouble getting your work done because you take on more than you can handle and lack the ability to say “No”? (continually take on too much because I am unable to properly delegate daily duties, have trouble saying “no” when work needs to be done and I am asked to help)

7. Do you have difficulty imposing self-accountability? (no one is going to impose accountability on me and often I let things slide, often wait until the last minute to do important things, because I am busy putting out day-to-day “fires”)

8. Do you have knowledge deficiencies in areas where specialized knowledge is needed? (want to franchise my business, but have no background in franchising)

9. List any miscellaneous items that you consider to be Personal Business Weaknesses.

Weaknesses are often difficult to accept. However, ignoring weaknesses will only keep you from the true success and happiness identified in your Personal Vision Statement.

Write a Personal Business Weaknesses Statement of no more than 100 words that focuses on the Business Weaknesses that have the greatest negative impact on your business life as identified in the exercises above.

The following is an actual Personal Business Weaknesses Statement written by a business owner:

• Failure to maintain focus on “Big Picture” areas due to poorly structured time needlessly spent on the phone with employees, clients, family and friends.
• Have created “too-close” friendships with my managers which make it difficult for me to enforce accountability.
• My poor selling skills are negatively affecting business growth.
• Continually take on greater workload than I can personally handle.

Create your 100-word Personal Business Weaknesses statement *

Exercise 2-B: Personal Non-Business Weaknesses

The following are areas to consider in developing your Non-Business Personal Weaknesses Statement, with examples shown:

1. Do you have trouble finding the time to just relax because you take on more commitments with family and friends than you have adequate time for? (I have great passion for family involvement, which results in an over-commitment of my time)

2. Do you have trouble finding the time to just relax because you take on more civic commitments than you have adequate time for? (my active involvement with non-profit and political causes results in an over-commitment of my time)

3. What are the physical or health-related weaknesses that negatively impact your life? (overweight, heart problems, in remission from cancer)

4. What family issues exist that negatively impact your life? (child with drug habit, child with disability, unhappy marriage, poor communication with wife and kids)

5. List any miscellaneous items that you consider to be Personal Non-Business Weaknesses.

Focus on the Non-Business Personal Weaknesses that have the greatest negative impact on your life as identified in the exercises above, and write a Non-Business Personal Weaknesses Statement of no more than 100 words.

The following is an actual Non-Business Personal Weaknesses Statement written by a business owner:

• Constantly defer or avoid personal activities that I enjoy like bike-riding and walking.
• Involved in too many political and social commitments, which leave me too little time for my family.
• Sciatica problem makes it difficult to sit for extended periods.
• Strained communications with spouse creates large degree of stress

Create your 100-word Personal Non-Business Weaknesses statement

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Exercise 3-A: Personal Business Opportunities

Opportunities abound for making significant personal and business advances. Often, to take advantage of these opportunities, it is necessary to explore beyond the self-imposed boundaries we typically create for ourselves.

For the majority of business owners, the following common business opportunity areas, with examples shown, need to be considered when developing a Personal Business Opportunities Statement:

1. What weaknesses do you have that have the potential to be turned into “Big Picture” opportunities? (My current knowledge of business financing is extremely weak. I have the ability to learn business financing techniques which could lead to the funding my company needs to finance a major expansion)

2. How could your work time be better directed toward making greater use of your Competitive Edge Strengths? (am so caught up in daily details that I only use my Competitive Edge skills during 30 percent of my work time, delegating my current accounting tasks to others would open up an additional 20 percent of my time to use for “Big Picture” areas such as strategic planning)

3. What educational and advisory situations are available to you for improving your abilities as a business owner? (joining a peer advisory board, taking a leadership-training program, going back to college to get my business degree)

4. Is there an opportunity now, or in your near future, to take a breather from business growth in order to emotionally refuel? (could add new stores next year, but company will not suffer if I don’t)

5. Are there opportunities relating to your business that have potential to benefit you personally? (potential investor wants to invest enough in my company to get the bank to remove my personal guarantees for the company bank loans, could take my company public and turn a portion of my stock into money that could be invested outside the company)

6. Is there a family member with an interest in entering your business who has the ability to be important to the future of the business? (my son has indicated an interest, have never asked my family members and do not know if any would be interested)

7. List any additional or miscellaneous opportunities relating to your business that exist.

Review the answers to the above questions and write your Business Opportunities Statement of 100 words or less that best reflects the opportunities that would make the most positive impact on your life.

The following is a Personal Business Opportunities Statement written by a business owner:

• Free up three hours each week by letting my administrative assistant open the mail for me.
• Devote more of my time to forming strategic alliances.
• Return to college to get business degree.

Create your 100-word Personal Business Opportunities statement

Exercise 3-B: Personal Non-Business Opportunities

The following are a few areas to be considered when developing your Personal Non-Business Opportunities Statement:

1. What could you do to create better mental or physical health for yourself? (lose 50 pounds, meditate daily to reduce stress, work out three days a week, stop smoking, reduce daily alcohol consumption)

2. What mentally stimulating activities outside of work would you like to incorporate more fully into your life? (traveling, reading, writing a book, painting)

3. What situations exist within your family that could enrich your life? (spend more time with my new granddaughter)

4. What could be done to strengthen the personal relationships that are most important to you? (reestablish relationship with my spouse/partner, dedicate more personal time to my friends)

5. List any additional or miscellaneous Non-Business Opportunities that exist.

Based on your answers to the Non-Business Opportunities questions above, and any additional Non-Business Opportunities that may exist for you, write a Non-Business Opportunities Statement of no more than 100 words that best reflects those opportunities that promise to make the most positive impact on your life.

The following is a Personal Non-Business Opportunities Statement written by a business owner:

• Join a gym.
• Lose 25 pounds.
• Resume my photography interests.
• Take my son to his football practices.

Create your 100-word Personal Non-Business Opportunities statement

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Exercise 4-A: Personal Business Threats

A personal threat is that which you see as having a real possibility of happening in the future and which could hurt you, but over which you have no real control. Threats can come from all directions—from weather disasters to family crises. You can prepare for threats, but you can’t stop them from happening.

Laying out basic plans for how to respond to potential threats is far more realistic than thinking you can eliminate them before they occur. However, you need to identify potential threats before you consider making any plans relating to them.

The following common areas of potential business threats, with examples shown, should be evaluated by every business owner:

1. Is there a risk that there is no one trained to take over your business if you become incapacitated or die? (have no provisions for anyone to take over if I become incapacitated or die, have Key Person Insurance that will protect the company and pay for the hiring of someone to run the company until it is sold)

2. What financial risks leave your personal assets exposed? (company failing to make its loan payments could result in bank going against personal guarantees of the loan, investments, company too dependent on personal retirement funds vs. business offerings)

3. What company-driven threats have potential to negatively impact your personal life? (loss of company controller due to death, incapacitation or leaving company)

4. What additional threats exist that could have potential negative impact on your personal life?

Don’t get carried away imagining all that could go wrong. Instead, focus on those things that carry a real possibility of negatively impacting your life when writing your Personal Business Threats Statement of 100 words or less.

The following is a Personal Business Threats Statement written by a business owner:

• There is no one who could run my business in the short term if I die or become incapacitated.
• My wife has indicated reluctance to co-sign on any future loans needed for expansion.

Create your 100-word Personal Business Threats statement

Exercise 4-B: Personal Non-Business Threats

The following common areas of potential Non-Business Threats, with examples shown, should be evaluated by every business owner:

1. Are there situations within your family that have the potential to compromise your personal success and happiness? (troubled marriage may lead to divorce, child’s relapse into drug abuse, health problems of aging parents may cause time constraints and expensive medical care)

2. Are you vulnerable to any recurring risks of a natural disaster? (Live and work in outer banks of North Carolina which has high hurricane expectancy, live in area that is at high risk for forest fire)

3. What additional Non-Business Threats exist that could have potential negative impacts on your personal life?

Focus only on those things that that carry a real possibility of negatively impacting your life when writing your Personal Non-Business Threats Statement of 100 words or less.

The following is a Personal Non-Business Threats Statement written by a business owner:

• My parents are aging and could have set backs at any time that require expensive medical care.
• My child’s drug problem could recur at any time and drain my emotional energy.

Create your 100-word Personal Non-Business Threats statement

Now that you have clearly identified your Personal SWOTs, and written a statement for each, review and possibly modify your Personal Vision Statement. Your Personal Vision Statement must be realistically attainable based on what you have identified as your Personal Business Strengths, Weaknesses, Opportunities and Threats.