This post will tell you how to conduct a basic SWOT analysis for your company.
Everyone has strengths and weaknesses
That’s a simple fact of life. We, as humans, continuously change throughout our lifespan, adapting as we age as a result of learning and, from an evolutionary standpoint, as a means of survival.
The same is true of business
There is one resource available to businesses that can help outline a company’s strengths and weaknesses, find possible growth opportunities and identify potential threats to their business or industry. Of course, what I am talking about is a SWOT analysis, aptly named because it is a comprehensive analysis of a company’s:
- Opportunities for growth
- Threats to the industry
A SWOT analysis is an overview of how your business is currently doing, and where it can proceed from there.
Among other things, a SWOT Analysis can help you figure out new strategies to improve your business model, reach more clients, or enter a nice market. Additionally, identifying and understanding your business’s weaknesses helps you identify, create, and implement strategies to eliminate them.
Reflect on your business’s successes and downfalls
Set time aside to look at your business as it is right now. What is it doing really well, and what areas could use some improvement?
Note: take a step back from the daily ins-and-outs of your business and try to look at your company objectively.
The Important Questions
What does your business do?
As in, what does it provide to others, and who does it benefit? What kind of advantages does it have in the market, or as a product/service?
What does your business do well?
List and describe your business’s strengths, and explain how you can capitalize on these strengths to maximize your business’s potential.
In which areas could your business stand to improve?
Acknowledge the things that your business has a hard time with, outline the areas that need improvement and how your company can turn these weaknesses into strengths.
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