Analyze Your Store’s Strengths and Weaknesses

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.

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