The Business-Changing Exercise You Shouldn't Ignore

When was the last time you truly evaluated your practice? I don’t mean glancing at the numbers or skimming over annual reports, but a deep dive that unearths both the gems and the landmines in your business. If you’re struggling to answer that, you might need to ask yourself: Have you ever SWOT’d your practice? A thorough SWOT analysis—examining your practice’s strengths, weaknesses, opportunities, and threats—can be a game-changer when done with intention. In my 24 years at Leverage Consulting, I’ve witnessed firsthand how this exercise can serve as the backbone of an entire business plan.

Why a SWOT Analysis?

The SWOT analysis is deceptively simple but profoundly effective. By mapping out these four key areas, you create a comprehensive snapshot of where your practice stands today and where it could go tomorrow. And here's the kicker—it's not a one-and-done task. This is an exercise you should commit to every year or two. Done thoroughly, it could lay the groundwork for your next big leap forward.

Why We Gravitate to Weaknesses and Threats

Over the years, I’ve observed that most clients naturally gravitate toward the "weaknesses" and "threats" sections. It’s easier for people to focus on what scares them or what could potentially create problems for their practice. And that’s perfectly fine—you’ll knock out two significant pieces of the puzzle right away. Identifying what could trip you up helps you stay vigilant and prepare for obstacles. But here’s a surprising twist: it’s often harder for business owners to acknowledge their strengths or see opportunities staring them in the face.

The Blind Spot of Strengths and Opportunities

Most people have no idea how good they really are. If you’re having trouble listing your practice’s strengths and opportunities, it’s time to lean into your team members, friends, colleagues, or even your spouse. This external feedback can help shine a light on the aspects you might overlook or underestimate. Think about it—your strengths are what keep your practice running during rough patches. Your opportunities? Those are the growth levers you should be pulling.

The Key to a Successful SWOT Analysis: The Action Plan

Completing a SWOT analysis is just the first step. The real magic lies in creating a detailed action plan from your findings. For strengths and opportunities, you’ll outline strategies to leverage and maximize these assets. For weaknesses and threats, your focus shifts to counteracting or overcoming them.

Sure, looking at this action plan can feel like staring up at a mountain. But let me share two crucial things to remember:

You’re Not Alone: Your team—whether they’re internal employees or external partners—are your greatest assets. Lean into them to help implement the changes needed. This isn’t a solo mission; it’s a team effort.

It’s a Marathon, Not a Sprint: You’re not expected to revolutionize your practice overnight. Remember, this is a one- to two-year endeavor. Consistency is your best friend. If you commit to steady implementation, you’ll see your business transform in ways you never imagined.

The 1-2 Year Transformation

Let me make this clear: If you execute this plan with consistency, you will completely transform your practice in 1-2 years. You’ll not only see improved numbers, but you’ll also create a more resilient, future-proof business.

So, ask yourself again: Have you ever SWOT’d your practice? If not, now is the perfect time to start. Your future self—and your practice—will thank you for it.