Business Chops Tip #16: New Year, New Perspective: Take An Inventory of Your Assets

Many retailers take inventory at year’s end. Why not take inventory of your strategic assets as well? A well known planning tool is the SWOT approach.

An assessment of your firm’s strengths, weaknesses, opportunities, and threats helps illuminate its strategic profile. A SWOT brainstorming session uncovers critical insights when done as a team.

What are your firm’s strengths and weaknesses? What are the opportunities and threats in your market environment? Taking an inventory of your internal assets and liabilities and viewing them against the backdrop of the ever-changing competitive landscape will yield two powerful and valuable assets: clarity and confidence.

Author’s Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their ³chops²: those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.

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