Want to see me shut down and get real quiet? (that is no small feat!)
Tell me a there is a threat of tornadoes!
Threat of rain...let the rain fall (unless I am playing golf!).
Threat of thunderstorms...let the sky light up for all I care.
But if the weatherman forecasts the threat of tornadoes...let's just say it's not pretty!
The word "threat" conjures up so many things and certainly all negative.
What threatens the success of your business?
More importantly...what are you going to do about it?
Not the most positive thing to think about, but the best time to get ready for them is before they happen. As the final segment of your SWOT Analysis, you need to take inventory of the things that could derail your efforts.
One final visit to our $100,000 objective, list the Threats;
Threats in prospecting for the clients you need.
Threats in closing the prospects you find.
Threats in getting repeat business and/or portfolio selling more than one product
Threats in getting referrals
If you can, measure the Threat level and have a contingency plan. Watching "War Games" with Matthew Broderick back in the 80's was the first time I was made familiar with Defcon threat levels - 5 was "safe" and 1 was "imminent".
Let's say your Threat in prospecting for new clients is getting 1.25% response rate on direct mail. As you monitor each week, you have to have an action to combat the effects of changes in your results. Anything below 1.25% should put you on alert...anything below 1% should put you in FULL alert!
Make sense?
Realize most threat do not come to fruition. The weatherman even gives odds to the threats... 40% chance of rain...which means there is a 60% chance it won't.
"Expect the best, but prepare for the worst"
Zig Ziglar
The best thing you can do for these odds is to have back-up strategies and contingency plans.
If there is a threat of rain you carry an umbrella...or like me, you build a basement...just in case of the Threat of Tornadoes!
Until tomorrow, I wish you Money, Power, Success!
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