Everything needs a check up every few months: our bodies, our houses, and yes, our business. Have you had a business check-up lately? If not, this is a perfect time to do it to insure a great 4th quarter.
Start by doing a S.W.O.T. analysis for your entire spa. What is a S.W.O.T. Analysis?
S.W.O.T. analysis is an objective assessment of your current situation. Take the time to identify your spa’s Strengths, Weaknesses, Opportunities and Threats. This will help you focus on your strengths, explore you opportunities, and improve your challenges.
One area many spa entrepreneurs may not S.W.O.T. is their team. If you are spa director or spa owner, create a form with S.W.O.T. and ask each person on your team to S.W.O.T. themselves. Then, chart a path with your team to help you elevate your success!
Let’s explore each letter of the acronym.
Every individual has strengths. It’s a matter of identifying them and making sure that we build on them. When someone does what they are good at, they feel great about it and they develop passion for that particular strength. As a spa leader, do you know each team member’s strengths?
I prefer to call it challenges. What are your spa’s challenges? And what are your team’s challenges? Is everyone aware of them and are there programs or an action plan to improve them? How long do you tolerate unaddressed challenges from a team member before you take action?
There are many untapped opportunities within the spa and the spa team that go unnoticed. The question should be “how can we increase guest satisfaction while increasing everyone’s revenue and profits”? This is a great team exercise. Schedule a brain storming session and come up with new opportunities to improve your overall business.
You need to be prepared for threats. Threats can be new competition, a declining economy, your health, or team issues. Whatever it is, you must have your parachute ready. What is your back up plan?
If you do S.W.O.T. analysis, leave your comments. We would love to hear from you!