If someone asks you about your gym and what you do well, you probably think “everything!”
Often times, its difficult to see what we could be doing better when business seems to be going as usual. More often than not, though, its not until sales decrease, or something goes wrong that we invest the time to search for problems and solutions. The reality is however, that we always have room to improve and there’s never a better time to start improving than now.
SWOT is a business analysis method that can be used to evaluate the strengths, weaknesses, opportunities, and threats that your affiliate is currently facing. It involves identifying the internal and external factors that are favorable and unfavorable to achieving your business goals.
• Strengths: qualities of your gym that give it an advantage over others
• Weaknesses: characteristics that place your gym at a disadvantage relative to other gyms
• Opportunities: elements that the gym could exploit to its advantage
• Threats: factors outside of your control that could cause trouble for your gym
Strengths
No I am not talking about the PR’s your members throw up on the whiteboard. I am talking about what your gym, the business side of it, does well. Think about your gym in regards to what advantages you provide your community that another gym does not. Strengths are things you can control.
Weaknesses
We all have them, now you need to identify them. Does your gym lack coaching education, specialty classes, poor location? By identifying your gym’s weaknesses, you can then start to improve upon them.
Opportunities
Is there a high school near by? Corporate company? Local Park? Find opportunities in your area that you can benefit from. For example, if you are near a park, host an outdoor workout or community event.
Threats
Threats are factors outside of your control. Is there something in your area that could be putting your gym at risk? Examples would be: more gyms in your area, rising operating costs, economic slowdown, etc. Identify threats that you cannot control and have a plan to mitigate these risks.
Existing gyms can use a SWOT analysis, at any time, not just when business isn’t going well. You want to build and enhance your strengths and opportunities; resolve and avoid your weaknesses or threats. I recommend doing a SWOT analysis at least once a year.
New gyms should use a SWOT analysis as a part of their opening/planning process. There is no “one size fits all” plan for your gym, which is the greatest part about owning an affiliate!
SWOT can be done with your coaches, members, friends, whoever. You want a small group who can give you honest answers from different perspectives. An effective SWOT analysis can then become the basis of your business’ future strategic planning and long-term goal setting.
This post was written by Lindsey Marcelli, co-owner of CrossFit Eminence with her husband Kris.