One of the most important things you can do, either when launching a new firm or when re-invigorating your existing firm (especially after a new merger), is to conduct a SWOT analysis. This means you make an honest assessment of your internal Strengths and Weaknesses while also analyzing your external Opportunities and Threats. By taking the time to conduct this analysis you will gain a fresh perspective on what your firm offers, what obstacles may face you, what competitive challenges you have to overcome, and what barriers to growth exist now or might exist going forward. Everyone at the firm, including administrative assistants, staff accountants, managers and partners, should participate so that you have suggestions and ideas from a wide range of different viewpoints. Going through the process enables you to plan ahead, position the company for success, and take the guess work out of your marketing endeavors. Having access to real business intelligence is an added advantage for any firm of any size!
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