I hear many describe their business ventures with terms that involve guts and instincts, and as important as these checks are, they are no substitute for thoughtful Analysis. In fact I advance that those who have developed these type of detailed reviews and planning become better at using their gut for checking new ventures.

Well, developing a Web Presence that is successful must follow a Plan of action, as well as be grounded in Business Analysis.

In this post I will remind you of the SWOT Analysis Method and ask you to put it to use in your business:

SWOT Analysis is a way to strategically evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in an upcoming project or business endeavor. In fact without such analysis launching a website for your Real Estate Business will amount to an exercise in futility. In order for you to ask the right questions from would be Website Vendors you need to know the truth about your business. (Please Stop Buying Widgets and Services without proper Vision.)

Let’s define SWOT:

You must know the specific Objectives of your project, website, and business and identify Internal and External factors that are favorable and unfavorable to achieve your goals; therefore you must know your Goals and then lay down the four (4) segments of your SWOT:

Strengths: characteristics of the business or team that give it an advantage over others in the industry.

Weaknesses: are characteristics that place the firm at a disadvantage relative to others.

Opportunities: external chances to make greater sales or profits in the environment.

Threats: external elements in the environment that could cause trouble for the business.

Very few Brokers ever allow themselves to get in touch with these four truths; they are somehow afraid to reveal a core truth that could derail them in the growth of their business – so they shy away from revealing their Weaknesses to themselves. But if you are a Broker who cares about how you impact your community and your colleagues you owe it to yourself to focus on your SWOT!

Revealing a Weakness is actually good news – it does not mean you have to go and change who you are, it could simply mean that hiring someone to take care of those areas of weakness will turn them into strength. Don’t confuse your Business Weaknesses with Character Flaws; we all have Weaknesses and Threats – it is how you go about strategically identifying methods and solutions to work on them that makes you a Leader.

Some like to use a large Chart divided into four (4) squares and bring their trusted team members to fill it – so the truth can stare them in the face – it takes courage, vision, and wisdom to do it honestly:

Take a Big Board, divided it into 4 squares, and use Stickies to fill it with your SWOT Analysis

Book Recommendation – you can buy it used it is only $8: Bradford, Robert W., Duncan, Peter J., Tracy, Brian, Simplified Strategic Planning: A No-Nonsense Guide for Busy People Who Want Results Fast!

Business Ventures with thoughtful Strategies tend to win the day; Happy Blogging – Key Yessaad, Real Estate Internet Strategist