As society charges forward, it is important for business owners to avoid being “stuck in their ways” or fearful of trying new things. Jumping on board a trend is meeting customers where they are; adopting new technologies can improve efficiency and function.
But every savvy businessperson understands that there also are tried-and-true practices that are successful over the long-term—for a reason. With decades’ worth of business experience, our restaurant consultants are always looking out for the next big idea, but with some faithful tools always on deck.
One such tool, as Mark O’Donnell reminds us, is a basic SWOT analysis. You could give it another, more modern name, but the practice would still be a fundamental and a crucial piece of smart business. Analyzing your strengths, weaknesses, opportunities, and threats is a quick, full-picture snapshot of where your business stands, what you stand to lose, and most importantly, what there is to gain.
O’Donnell calls it a “business GPS” because the information is like a roadmap to the next step. “70% of business strategies fail,” he says. “Here’s why the top 1% of leaders swear by [a SWOT analysis].”
In his recent LinkedIn post, O’Donnell breaks down the honesty, simplicity, and action-orientation of a good SWOT analysis—with one added warning. “Most people do it wrong. They treat it like a one-time exercise. The masters? They review it quarterly. Because markets shift. Teams evolve. Opportunities emerge. Your next breakthrough might be hiding in plain sight.”
At National Restaurant Consultants, we employ these same strategies as part of our Operations Analysis. Richard Weil, owner and principal of National Restaurant Consultants adds some additional input: “Gathering the key members of your team is essential to a good SWOT process within your organization. Often this will require a step away from the business and dedicated space to truly look at the details. While finding this space may include some additional costs, being sure the team has a place away from distractions to allow great focus and mutual inputs is essential to great SWOT analysis.”
Executing a SWOT analysis is a continued part of good business ownership. Let us get you started. Contact a restaurant consultant today.