While there are many unknowns and unexpected situations that can arise when you own, or are running, any business, there are ways to be better prepared for the unknown — and to move into position to better take advantage of opportunities that arise. A basic assessment tool taught in most accredited business college courses focuses on identifying your business’ strengths, weaknesses, opportunities and threats (the classic SWOT assessment). This is a useful guidance tool for you that should be reviewed and updated frequently, and in the long run, it helps you look back while carefully planning ahead. Time spent identifying those four key business areas can help you make successful business decisions and strategies.

Make an Assessment

The first key step in gathering information is understanding how the information will be used by you and in your business. This understanding guides you in asking the right questions and discovering the right data and numbers. A great way to begin the accumulation of details is to make a detailed list, including recent accomplishments, while also noting any missed goals and possible ongoing business struggles that you understand. You can also begin basic collecting of information by simply asking your employees, family and trusted friends what they perceive about you and your business. Ask pointed questions and expect honest answers. Include solid numbers when possible during this preliminary collection period, and remember that past tax forms, bank statements and loan forms could be good sources for details. 

As you make assessments, use positive wording in the details when possible and avoid negative words and phrases such as failed, disaster, mistake, etc. Include any employee or customer feedback statements in your assessments, work to explain your top accomplishments in very specific details, and fully explain any additional steps you took in the past year(s) to reach any goals you created, whether or not you wrote the goals down. 

All of this insight will provide some details you may not have realized. Be honest with yourself and leave no stones unturned in your search for details. 

Recognize Your STRENGTHS

All businesses serving hunters bring a set of strengths to the market or these shops don’t last long. Among some strengths any business may recognize are having a great location, making a growing business profit and growing customer base, and having highly personable and knowledgeable employees who work while needing little guidance. Walk the floor and pass through the aisles and note if you stock more sought-after hunting gear than your nearest competitor, and possibly at better prices. These details are also found in positive comments by customers and shoppers who come through your front door. Making a log book that you jot in regularly can help you collect this valuable information. Just leaving a customer comment to memory will not work when you have a viable business and many details to pay attention to on a daily and weekly basis. The passing of time can also blur details or dates when something happened, so keep notes.

As you do the business self-assessment, step back and seek the big picture of your business, your employees, your skills and other details. Look for specific details and write down what you see. If your business has been growing its annual income, has hired more employees to better serve customers, has a marketing plan that draws more customers through the door, or has expanded to a new location or bigger building, understand the basic “why” details and record these as strengths. If you offer customers the region’s best selection of big-game hunting rifles, the largest selection of much-sought treestands or trail cameras, or you stock the widest selection of waterfowl- or turkey-hunting shotguns, you have strengths.

If you have attended the SHOT Show and gotten ahead of your competitors by being the first retailer to stock a new model rifle, new cartridges, improved product lines or trendy merchandise that results in growing profits, your insight is a strength. If customers know your name and call you about advice on hunting strategies or products, and you have many items on your shelves that provide high profit margins, these are strengths. Being in a prime location and having low overhead are also strengths. If you offer hunter safety courses, hunting seminars or annual mega sales with manufacturer reps and products on hand, that’s another super strength. 

Having talented employees or working with a business advisor or advisory group that helps you find new market shares are all strengths. 

You should also draw a circle around your region with your business in the center and then look at trends. Feel free to visit your competitors, look at their websites and sales circulars, and look at your state’s game department annual numbers regarding licenses sales and hunting activity reports. If you are utilizing this information and increasing your presence in the region, all are strengths. 

Not-So-Pleasant WEAKNESSES

As you make that search for strengths, also note any perceived weaknesses and work to better understand these. Recognizing and overcoming weaknesses can be seen as a strength, but some things will be challenging to overcome. 

As an example, if you need employees who better understand the hunting gear you sell, calling on vendors to help with merchandising or employee training and coaching can sometimes turn a weakness into a strength. If a key employee has quit in the past year, or worse yet, left and now works for your closest competitor, this is definitely a weakness and may even be a threat if she or he is pulling your customers away. Work to understand the whys. 

If your location is difficult to find or the main entrance confuses customers because it is actually in the back of the building, recognize the problems (weaknesses) and consider new signs to guide customers from the nearby street and your parking lot over to the front door. This can really help with new customers and family-member shoppers. If your location comes up as a constant negative and customers complain you are too far to drive to, consider changing locations. You may have done all you can and are maxed out in growth at this location, so look at options to overcome this weakness. Along with this situation are often a lack of funding or resources along with growing debt. If you lack know-how to find solutions, look at the Small Business Administration or possibly a local business college, or successful friends, to help you better understand challenges and solutions to solve these.

One other source for learning about perceived weaknesses are customer complaints. These unsolicited comments could lead you in writing your list of weaknesses. Failures to communicate with and engage customers or employees, and failures to change your business operating model if necessary, can all be weaknesses. Not being active on social media channels and having an out-of-date website can all be weaknesses because more and more customers shop from home. Delivery trucks are full of Amazon packages — just ask the driver for UPS and FedEx who come to your store. Don’t be missing the new markets.

Remember to always attempt to find a way to turn a weakness into a strength! It’s a smart business tactic.

Zero in on OPPORTUNITIES

Opportunities come your way in many forms and with many options. Keeping your head up and your ears open can help you hear when opportunity knocks. 

If you needed more room and recently completed an expansion (even if it’s moving a wall and trading warehouse space for sales floor space), or more dramatic action like finding and moving to a new location, you are recognizing opportunity. If you have an opportunity to carry a new product line that all of your regional competitors do not, look at the costs and potential profits. 

Opportunity can also come from the mouths of customers. If you have heard any customers say a competitor is closing, try to validate the information and look at the details. Could you buy that competitor’s inventory or location and realize an opportunity?

Many hunting retailers have also noted opportunities in online sales and marketing and promotions. Nearly every household in the U.S. is now online, and many customers shop via their phones. If those customers can find you in their search, you have taken advantage of an opportunity.

As you were searching for strengths, if you noted customers are often seeking advice from you about riflescope installations or gun repair, look at the possible opportunity to include a gunsmith service or rent floor space to a local gunsmith. Opportunities abound — you just need to note them and act accordingly.

Dark-Cloud THREATS

You’re sipping coffee one morning and in your local newspaper you read that a Big Box is coming to your neighborhood. Wow, could be a threat. If you also read or have heard there’s a new noise or nuisance ordinance being considered by a local government, this situation could also cause a huge problem with an outdoor range. Many retailers in the hunting and firearms arena have been threatened out of existence with a new housing development coming to their neighborhood. If there is noise, there will be noise complaints, and this equals threats. 

Regulations, competitors, changing trends in hunting seasons or lack of hunting opportunities, or changes in firearms ownership can all be seen as threats if these cause the market you serve to shrink. Sometimes natural disasters and retirement or relocation of your best customer base and their employer closing or moving can be a threat to your bottom line in business. Always be scanning, looking and listening for situations that might grow into a serious threat. 

The Final Results

Proofread your SWOT document if it will be used by external sources, and have trusted advisors (spouse, close friend, top employee, etc.) give you feedback. Set your SWOT document aside for a week or two and then re-read, because time changes perspectives and information. All of the information on the pages should help you make better business decisions.