Here are the questions to ask yourself when looking at the SWOT analysis matrix :
Strengths . What do you do well ? Are there resources you can draw on ? What do others see as a strength with your business ?
Weaknesses . Where is there room for improvement ? What areas of your business have fewer resources ? What are others likely to see as a weakness in your business ?
Opportunities . Where are opportunities open to you ? Are there any tools you could take advantage of ? How can you turn your strengths into opportunities ?
Threats . What could harm your business ? What are your competitors doing ? How can your weakness threaten your organization ?
Analyzing the numbers . Whether it ' s looking at your finances or web traffic , analyzing data is a tactile way to see where to make improvements . Complete a thorough analysis of your statistics to see how they stacked up to your 2020 goals . While 2020 may feel like an anomaly , it ' s essential to look at the data , since the pandemic is still a factor for 2021 . While 2020 may not compare to others , you can only move forward and adjust for the future by basing your plan on the most recent information available to you .
Strategize
You have evaluated your business ' s organization and what it needs ; now is time to make decisions and put together a plan .
You may have multiple employees capable of performing specific tasks . Look at who would be best suited for new responsibilities and if they possess strengths in their current role that you would hate to lose . Think about who you trust to take on more responsibility , either imminently or in the immediate future . Consider where your employees are now in their development , if they have room to grow , and how they would be best suited .
Create your business strategy . Having a business strategy at the start of each year is important , but it will likely change during a reorganization . If you already have a business plan written out , use an old version as a starting point . A lot of your goals likely will not have changed , but you may need to edit some of the details to reflect your new organization . A business plan is bound to be more detailed during a restructuring and may feel time-sensitive compared to your usual business strategy but remember to take your time . It is better to take your time and get it right than rush through and have the chaos of making many changes further down the line .
Get advice from others . Reaching out to other business owners who have gone through the restructuring process , whether you know them personally or just online , can be a big help during this process . Learning from others ' mistakes and getting tips on what worked for them can save you a lot of time and hardship in the long run . We also recommend speaking to an HR professional and lawyer . While there are no specific laws or regulations about what a business restructuring plan must include , you want to make sure all your bases are covered , especially since the changes will affect your employees .
Restructure . You may find that your business needs to grow by adding new positions , remain the same size with a new allocation of responsibilities or you may find you need to downsize . After figuring out which direction your business has to go in , start analyzing your employees ’ strengths and who adds the most value to your company .
20 SPRING / SUMMER 2021