To ensure your business not only survives but also thrives today and tomorrow, it is important to take a close look at your SWOT (strengths, weaknesses, opportunities, and threats). David Peters, Jewelers of America’s resident education and management expert, says a thorough evaluation of all four positions should be done at least annually or whenever a major shift (such as the current economy) occurs.
Peters offers the following guidelines for a SWOT analysis:
Strengths Evaluate strengths against current conditions and future goals.
Weaknesses Consider whether current weaknesses will prevent you from achieving planned growth and profitability.
Opportunities Think outside the box and consider what you can do now that you have not done before.
Threats Consider threats from both an internal and external context.
Take the Tip—To help review your SWOT, use the 2009 Jewelers of America Cost of Doing Business Report ($24.95 for members, $150 for non-members). It gives retailers comprehensive jewelry retail operations data to benchmark and compare your business against industry averages.
For more tips from Jewelers of America, sign up to receive the "Tips to Thrive" e-newsletter atwww.jewelers.org.