So (do you notice that I seem to start a lot of my blog posts with this little word)…
Since teaching, mentoring, and sharing have become more of a prominent part of my life in this last year (which makes me really HAPPY if you must know)…and since I answer a lot of e-mail and Facebook business questions offline…I’ve decided to start sharing some more “for Photographers” information on my blog as well. And….don’t be shy….if there is a topic that you would love to have me touch on, comment below and I’ll put it on my running list.
I don’t know about you, but each new year (January in particular) you can find me tied to my desk, surrounded by stacks of papers, spreadsheets, sticky notes, and a large bottle of Tylenol. This is my annual “change it up” routine where I re-evaluate the previous year, figure out what is working, what isn’t, and make the changes that I think are necessary to move into an even better year ahead. I’m looking for new and exciting products to offer, running financials to see if my COGs are still in a good place, planning new artwork for the Loft, and figuring out fun ways to pamper my clients. There is always one consistency in the chaos – before pulling out my colored markers (not joking, don’t laugh) and booting up my excel spreadsheets, I always get out 4 blank pieces of paper and do a current SWOT analysis for my business.
What the heck is a SWOT analysis some of you might be thinking as you scratch your heads…simply put, it is an exercise to list your Strengths, Weaknesses, Opportunities, and Threats. It helps you to identify both internal and external positives and negatives that will help you analyze where you stand in the market and with your competition.
From Wikepedia:
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- Strengths: characteristics of the business that give it an advantage over others
- Weaknesses (or Limitations): are internal characteristics that place the business at a disadvantage relative to others
- Opportunities: external chances to improve performance (e.g. make greater profits) in the environment
- Threats: external elements in the environment that could cause trouble for the business or project
So start asking yourself those tough questions – or better yet, call a great client (or two, or three, or four) and really start brainstorming. What is it that makes your business unique? What do you do REALLY well? Are you an Off-Camera-Flash guru? Do you pose people better than anyone else in your market? What makes you SHINE? Conversely, where are you falling short? Could you be better at customer service? Do you need to hone your lighting skills? Do you have a lot of debt to pay off?
What about EXTERNAL forces – are there opportunities you haven’t pursued to cross-market with local businesses? Is there a charity in need of support that you could do a fundraiser for? Have you pursued opportunities to network with local photographers? And what do see as your imminent external threats – the economy? the competition?
Here’s an example (non-photography related) from SmartDraw:

Once you have completed your SWOT analysis, the work has just begun. Now it is time to identify ways to CAPITALIZE on what you have identified. What weaknesses did you identify internally that can be changed today? Next week? In the first quarter? This year? Can your strengths be even stronger with some tweaks? What about opportunities? Have you made that call to the business you’d love to crossmarket with? Why not?
Taking that step back to look at your business with a critical eye might be a bit scary – or just may feel like a lot of work. I promise it’s worth it. And including insight from clients really ADDS to the value of the analysis if you are willing to do the work to get them involved. Sure, this might not be “fun” or “sexy”… but try it – come on, you know you want to!
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