S.W.O.T.

Ok, so it’s time to get back to work! For some this is a scary concept and for others it’s the fuel that makes you run every day. Depending upon the type of industry you’re in, getting back to work may include putting yourself at risk every day or it’s simply business as usual… you never stopped. Both are true in my case.

For most entrepreneurs there is always something that needs to get done. I chose to use the down time to catch up on some administrative priorities that I had been putting off. Your back- end investments are often just as important as your front line, sales and marketing investments. If you focus on systems that help you run more efficiently, safer or at a higher margin then they’re worth your time and effort. I stepped back and conducted a SWOT analysis of our business and rediscovered some weaknesses and opportunities for us. For example, we decided to go ahead and invest in a bucket truck to improve our sign installation and repair efficiency. Is it the right time for a capital investment? Maybe it’s time to move your POS into the cloud so that you can work from anywhere? When was the last time you analyzed your pricing or conducted a marketing survey?

I love being an entrepreneur and determining our strategy, priorities and path forward but it is a lot of work. I encourage you to find mentors in your industry who can help you work smarter, not always harder. We belong to a group of sign shop owners and we share best practices, ideas, financials and we commit to goals and push each other. Although the slow down due to the COVID-19 crisis felt painful to the bottom line, I actually feel like I’m stronger and better prepared to tackle the rest of the year and beyond. Stay safe out there!