Have you ever observed the way somebody was running their business or their life and thought to yourself that you could do better? It’s only natural to think that way. Humans, by their very nature, are pensive and critical. However, many find that once they’re in the shoes of the very ones they’ve spent time judging, they realize that the task is often much easier spotted than fixed, and much easier said than done.
- W.O.T is Money
Running a financially sound, or successful business isn’t impossible. It merely means that there is always a bit of observation to be done. In the business world, there is an acronym that is followed like the Bible. The acronym is S.W.O.T. What does it stand for?
It stands for: strengths, weaknesses, opportunities, and threats. One must evaluate these aspects within their organization often in order to find, achieve, and maintain success.
In the realm of finances, there will be strengths, weaknesses, opportunities, and threats that your business will encounter. The trick is to know they’re there. As far as weaknesses and threats are concerned, here are just a few ways your business might be taking financial hits that you don’t even know are there:
- Observe From the Outside
Observing from the outside, you’re going to notice a lot of things you didn’t see before, when you were just focused on what was going on behind closed doors. Take a moment to separate yourself from the whole picture, and look at things as they are by themselves.
Are you spending outrageous money repairing your businesses exterior every year? Materials, labor, and time are costly to a business. Consider doing things the right way from the beginning to stop your organization from taking unneeded financial hits long term. This might mean better parking lots that withstand hard winters, or this might mean a facelift that involves taking the wood off the front of your organization. In any case, if you step back and view things from the outside, you’ll be able to eliminate external financial hits to your business easily.
- Observe From the Inside
Things that happen on the outside are important, but don’t be fooled into thinking external factors are all that’s important. The inside of your business holds the true structure. For this reason, your organization needs to be internally maintained, or else you could be looking at a collapse of infrastructure that could cost you your entire livelihood.
There is a lot that can go into the loss of money internally. Poor management of resources, poor management of employees, poor management of property and assets, or an ugly conglomeration of poor management all around. Remember to S.W.O.T. From without and from within to see where your business is taking financial hits. If you’re willing to look with an open, critical eye, you just might be saving your business, as well as yourself.