Show Notes:
They say success is 80% mindset, but what happens when factors outside of your control (in this episode we will talk specifically about competition) leave you feeling defeated? How can you get your mindset back to good? In this episode, I’m going to talk you through how performing a SWOT Test on your brand and business can help you reframe your mindset and leverage competition to improve your business.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Doing this exercise will really help you brainstorm a bigger picture and overview of what is really going on in your business and where to focus your efforts.
Competition isn’t a Bad Thing
- Forces you to stay fresh in your business
- Brings more visibility to your shop and can actually funnel customers right to you
- Gives you a chance to focus on what you do well and what makes you and your brand unique (your strengths) and improve upon the things you don’t do so well (your weaknesses)
Getting Your Mindset Right
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Ask yourself these questions when performing a SWOT Test on your business.
- Strengths – What is your unique selling point? What do you do better than anyone else? What do your customers love about your shop that is unique to you? What does your community say you are the “go-to” for? Focus specifically on the strengths of your brand.
- Weaknesses – What are some things you struggle with? Where are the gaps in your skillset? What things might hinder your success? Where can you spend time ensuring your brand is strong and well-known? Are there aspects of your business where you are just “winging it?”
- Opportunities – What external factors can help your business grow? What changes would your customers like to see? What additional revenue streams can be added? What emerging technology can you leverage?
- Threats – What external factors can harm our business? Are there economic or social issues that can harm your business? What other risks/challenges do you face? When you assess threats, be sure to evaluate the truth in the things you are telling yourself.
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Perform the SWOT Test on your competitor’s business.
Doing this will help you focus on reality versus the reality you’ve created in your mind. Don’t dwell on this step – it is meant just to give you a clear picture of what is actually happening.
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Make changes to your business based on the results of the test you performed on YOUR business.
Push the gas on your strengths. Find a way to level up your weaknesses. Remember that by focusing on your weaknesses they become strengths. What opportunities did you identify that you can seize? How can you leverage your marketing plan, your community, and branding so that your competition feels like less of a threat? Focus specifically on the things YOU have control over.
If you are looking for additional support and someone to bounce ideas off of, my Retailers’ Inner Circle is a great resource. Not only will you have access to me and the bright minds of over 100 fellow creative retailers, you’ll have access to my signature course, Retail Made Simple, and countless masterclasses that will help you level up every aspect of your retail business.
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Key Takeaways:
- Rethink “competition” – it’s not a bad thing!
- Perform a SWOT test on your business AND then your competitor’s business. In terms of your competitors, use it only to reframe your thoughts about them in reality.
- Focus changes in your business (and mindset!) based on the results of the SWOT test.
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Resources Mentioned:
Retailer’s Inner Circle
Level Up Mastermind
My signature course: Retail Made Simple
Related podcasts we think you’d like:
Episode 126 – 10 Simple Ways to Level Up Your Shop
Episode 47 – The Secret to Getting Your Customers to Choose You Over Your Competition
Episode 56 – How to Add Additional Revenue Streams to Your Business
Episode 66 – Find Revenue Streams that Light You Up with Virginia Warner
Episode 133 – Community, Culture, and CEO Mindset with Amy Cseh
Episode 122 – CEO Mindset and Community with Sylvia Davis
Episode 88 – Making Pivotal (and scary) CEO Decisions with Melanie Kolb
Episode 87 – The Journey to CEO Level Confidence with Stacey Allgood
More Support from Wendy:
Retailer’s Inner Circle – Join Wendy inside the best retailer’s community
Wendy’s FREE Resources for shop owners
Hang out and connect with Wendy on IG
More ways to connect with Wendy
Retail Made Simple – Wendy’s on demand course for shop owners wanting more from their business
