Business Corner: Conduct a S.W.O.T. Analysis

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Do you have a business strategy?

As a business owner, you should do the simple exercise of completing a S.W.O.T. analysis. A S.W.O.T. analysis requires that you list your strengths, weaknesses, opportunities, and threats.

This will provide you a clear picture of where to focus your energies on your business. You will not be perfect in everything and you will NOT be everything to everyone. A S.W.O.T. analysis will provide you with a strategic overview of your business.

INTERNAL: STRENGTHS

What are your strengths? Where do you succeed expectations in your business? Compare your internal and external strengths in the marketplace.

  • Brand recognition
  • Financial stability and/or resources
  • Product resources
  • Quality of products and/or services
  • Expertise & skill set
  • Technology
  • Process Efficiency
  • Customer relationships
  • Retention (repeat business)

If you are a spiritual business owner, you may consider this process to be cumbersome or difficult to complete. However, this can be key to the success of your business.

EXAMPLE: A Reiki Healer must understand their strengths.

  • Do they have a clear understanding of their client’s needs?
  • Do they offer a twist or new perspective to their healing practice?
  • Do they go the extra mile to nurture their relationships with their clients?
  • Do they have a solid view of their brand?

INTERNAL: WEAKNESS

What are your weaknesses? Do you lack the financial resources to support a startup or expansion of your business?

  • Brand recognition
  • Financial stability and/or resources
  • Quality of products and/or services
  • Professionalism
  • Expertise & skill set
  • Outdated systems & processes
  • Process Efficiency
  • Customer relationships
  • Retention (repeat business)

EXAMPLE: A Reiki Healer must understand their weaknesses.

  • Do they manually schedule their clients?
  • Do they double-book or miss scheduling opportunities?
  • Do they provide a professional space for their healings?
  • Do they have offerings for packages or repeat sessions?
  • Do they have the appropriate training and knowledge?

EXTERNAL: OPPORTUNITIES

Do you understand the opportunities available to grow your business? Do you know your competition in the marketplace? Do you know what makes you different?

  • Awareness of shifts in the market
  • Flexibility to manage change
  • Ability to be innovative
  • Desire to expand markets or reach
  • Leverage of technology

EXAMPLE: A Reiki Healer must understand their opportunities.

  • Do they understand the needs of their clients?
  • Do they flex to meet the needs of the market?
  • Do they use technology to streamline processes?

The best example was the healing practitioner’s ability to flex during COVID when the country was under lock down and there was a fear of exposure. Some shifted their business online temporarily, some shifted permanently, and some stopped working altogether.

EXTERNAL: THREATS

Do you understand the threats? Do you continuously survey your client and customer needs? Do you check market pricing?

  • Legal & regulatory compliance
  • Competitive pricing
  • Consumer shifts
  • Labor shortages
  • Technology changes

EXAMPLE: A Reiki Healer must understand their threats.

  • Do they understand the pricing of the competition?
  • Do they understand the shifts of the consumers?
  • Do they continually seek to enhance their gifts and abilities?
  • Do they invest in on-going education & training?

Take the time to do a S.W.O.T. analysis on your business. These will assist you in making better decisions with your business.

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Are your ready to be a spiritual business owner?

I provide coaching to individuals that are starting their own spiritual business and want to move into building their own business of being a healer, reader, or spiritual advisor. I coach individuals that work in the center, providing them solid direction and guidance on their businesses. Go here for information on business consulting, coaching, and mentoring.

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WRITTEN BY VIALET RAYNE, MAGICAL CREATOR OF DISCOVER YOUR SPIRITUAL GIFTS 

Vialet has been on a healing path her whole life. She has been called a spiritual guardian that is strongly connected and highly intuitive. A teacher, coach, healer, and spiritual leader that dreams of a peaceful and harmonious world.

Her mission is to provide individuals with the tools and resources to discover their own healing powers within themselves so they may empower their own lives. Vialet’s spiritual journey has provided her with everyday life rituals, experiences, and spiritual wisdom that allow her to overcome difficult situations and to create a life that she has always dreamed of.

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