Well… so much for daily blogging. In any case things have been moving along and it’s so easy to fall into traps. One of the things I haven’t done with my latest project is a detailed and strategic business plan including a SWOT analysis. I’ve always been a big fan of SWOT – it’s basic, simple and clearly defines the scope of the business.
So many biz plans that I’ve seen focus on financials and research that bores the heck out of me. It’s hard to forecast sales for a business idea that has little to no history. A disruptive idea is blazing new trails. Some of the past can be included but for the most part creating new concepts and putting them into action requires a different set of skills and a different view of the world than just starting a business in an existing space.
What I like about SWOT is the process in thinking about the various items in the quadrant. The outcomes are easy to carry around in my head and can be used to make decisions on a daily basis. I like it alot and it when used in previous ventures it has proven to be reasonably accurate and powerful. So… with that in mind I need to sit down and create a SWOT and use that as the first step in formalizing my biz plan or something like it.