Introduction – What are you really good at

Imagine you’re driving a car on a new stretch of road ahead—one filled with fresh opportunities, uncovered by your recent market audit (Step 6). But before you accelerate full throttle into that new terrain, you flick a glance into the rear‑view mirror. Why? Because knowing what’s behind you – what you’ve already built, what you’ve struggled with, what standards you’ve set, is vital if you’re going to navigate the road ahead with confidence.

In this seventh step of the Business Owner’s Handbook, we’re shifting gears and putting the spotlight on GIVES: what you’re Great at, what you can Improve, where you’re Vulnerable, your competitive Edge, and what you can Sell (or sell through your USP. By taking this comprehensive self‑inventory, you’ll be in a stronger position to deploy the opportunities you identified in your market audit.

Let’s strap in and begin the journey together.

“Where you have come from as a business can really help you understand your customers, your team and yourself. It can be painful but helpful. However, it’s in the past, it’s good to know and informative, but no one can drive forward whilst looking in the rearview mirror.

“Ask yourself, do you know where you are going? What are the milestones, and when do you need to take a break and re-fuel? Do you have someone you can trust at your side who has your interests at heart and shares the directions with you?”

Starting the Engine: Check your rearview mirror

You’ve completed your market audit and scanned the horizon for new openings. Now it’s time to look back. Just as a driver glances in the rearview mirror to check what’s happening behind before making a lane change, you need to check your business’s internal capabilities before switching lanes into new markets.

Frameworks like SWOT stress pairing strengths and weaknesses with opportunities and threats. Many focus only ahead, ignoring what’s behind -‘driving with only the rearview mirror’ is risky. By adopting GIVES, you lean into that analogy and structure your inspection so you’re not blindsided by what you can’t see.

Mapping Your GIVES

Here’s how you apply GIVES.

G – What you’re Great at

Picture your vehicle’s high-performance parts: a powerful engine, responsive brakes, and sharp steering —or maybe you have the built-in comfort features that others don’t. In your business, this is your “engine”: the capabilities, culture, skills, brand equity, and systems that you already drive with.

Ask: What are we really good at? What gets us past the finish line quicker and smoother than most?

Being honest here helps you recognise your “fast lane” advantage.

I – What you can improve

Even the best car needs a service check now and then-tyres are a bit worn, alignment is off, and fuel efficiency is down. In business, there are always areas that need tuning: skills, processes, technology, and culture.

• Ask: Where are we lagging? What parts of our link‑chain cause drag?

If you skip this pit stop, you risk breakdowns as you ramp up.

V – Where you’re Vulnerable

Here you’re looking at the parts of your car that might give way in a challenging condition-those older components you’ve tolerated, or hazards you’ve been ignoring.

• Ask: What vulnerabilities do we have? Where are we exposed if conditions change or competitor pressure mounts?

Identify them, and you can either reinforce them, sideline them, or mitigate them.

E – What competitive Edge do you have (your USP)

You’re still in the car metaphor: this is the aftermarket upgrade, the turbo‑charger, the smart navigation system that others don’t have. Your Edge is what elevates you above the competition.

• Ask: What is our unique selling point? What do we offer that others can’t easily replicate?

Pinning this down ensures you know your fast lane and how to signal it to the market.

S – What you will Sell / Switch‑through (the offer built on your Edge)

Once you know your edge, the final step is to map how you’ll bring it to the market-what product, service or proposition you will roll out. Now, you determine your route forward.

• Ask: Given our strengths, improvements, vulnerabilities, and edge-what will we bring to the market that reflects all of that?

This ‘S’ makes sure your reflection in the mirror informs your move ahead.

On the Road: Applying GIVES Step by Step

Here’s a practical sequence you can run in your business:

1. Gather your driver and co-pilot team (leadership and key team members).
2. Next, create a Rear‑View Inspection Sheet, dividing it into sections for G, I, V, E, and S categories.
3. Work through each area as follows: For G and V, analyse internal data such as customer feedback and operations metrics. For I and E, identify insights from external pressures and competitor moves.
4. Identify and rank the top three items in each GIVES section to highlight key strengths, vulnerabilities, improvements, and edges.
5. Develop specific action items for each area of focus. For ‘Improve’, list targeted upgrades or investments, such as skills, technology, or processes.

For the “Vulnerable” list, mitigation or exit options.

For “Edge,” specify the key action steps to clarify how you differentiate (in terms of brand, niche, or service model).

For “Sell,” outline the steps to define your offer, detail the rollout process, and specify how you will communicate the offer to your audience.

7. Establish a dashboard or Dash‑Panel that visually tracks progress on each category, keeping it accessible and scheduling regular reviews.

8. Re-check across time: as markets move, review your positions regularly. Don’t rely on a static rearview mirror; update your assessments as conditions shift. Road‑Test Tip & Pitfall Alerts

• Tip: Be brutally honest. If you exaggerate strengths or hide weaknesses, you’ll be driving blind.
• Pitfall: Focusing only on opportunities ahead but not checking your internal capability is like accelerating into a tight corner without checking your brakes.
• Tip: Clearly document your “Sell” proposition. Test it with customers or pilots. Your Edge only matters if others perceive it.
• Pitfall: Neglecting regular review is risky. What was great yesterday may be standard tomorrow.
• Tip: Link your GIVES review with your market audit to align internal and external perspectives.
• Pitfall: Ignoring vulnerabilities is risky. Every business has weaknesses; denial invites trouble during change.

Crossing the Finish Line: What This Enables

By completing Step 7, you’ll achieve:

• A clear internal map of your capabilities relative to your market opportunity.
• A refreshed, confident sense of your competitive edge and what differentiates you.
• A prioritised list of upgrades and mitigations to make before or as you move into new markets.
• A sharpened offer (or range of offers) aligned with your strengths and market needs.
• A dashboard you can use regularly to monitor “engine health” as you drive into the future.

Conclusion

You’re now ready to shift up a gear. Step 7 isn’t about staying parked behind the metaphorical mirror. Use that mirror wisely to ensure your machine is set up correctly and ready to go. With your GIVES framework mapped out, drive into new opportunities with intent, control, and confidence.

In the next step, you’ll put your foot to the accelerator, readying your systems, teams, and processes for growth. But first, perform a quick inspection to ensure your mirrors are adjusted and that you know what you’re bringing into the journey.

Download the Rear‑View Inspection Worksheet using the link in our eBook and schedule a complimentary health check meeting to complete your GIVES framework. For expert facilitation or guidance, contact your local business advisory contact and accelerate your progress.

This post is part 7 of the Business Owners Handbook, a 10-part blog series designed to guide SME business owners through the essential steps for sustainable growth and success.

Ready for the next step in your journey? Explore all 10 Steps and start building a business with purpose, direction, and real momentum.