“Know thyself,” says Socrates. “To thine own self be true,” quotes the Bible. Do you know yourself? Do you know your business?
Where your business fits into the marketplace is one of the most overwhelming yet most important evaluations you can make in your business. Are you a market leader? Are you slowly (or quickly!) losing market share? What new policies could result in costs being cut? What are some economic indicators that could wipe your business out while you’re not looking?
While you may be aware of some or all of these, what methods do you have as part of your business model to evaluate them on an ongoing basis? How do you know when things change? How are you leveraging what you do well?
A simple tool that many businesses and consultants use is called a SWOT analysis.