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What can a SWOT Analysis do for my Business?

What is a SWOT analysis? SWOT means Strength, Weakness, Opportunity, and Threats. These 4 words will help you analyse and recognize internal, external, future and current organizational potential. This structure will benefit your business by allowing you to look at all sides of it, the good and the bad. Ask yourself what you want out of your SWOT analysis. What part of your business needs the most work? Are there existing problems that will only get worse over time? Maybe you’ve noticed changes in the market earlier than your competitors and you want to get a jump on it before they do? So, what can a SWOT analysis do for your business?

SWOT: Example Questions to Ask Yourself

Strengths and weakness define your internal structure. Opportunity and Threats make up your external factors. Here are some example statements you can think about when completing a SWOT analysis:

Strengths: What qualities does my business have that separates me from others in my industry? Our team has a broad skillset. The tangible assets of my business are valuable because they provide x for us. What do we do well? What advantage do we have?

Weakness: What do we need to improve on? Resource limitations and capabilities. Unclear and imprecise propositions. Do others in my industry perform better with X tasks? Does my team lack certain valuable skills?

Using data from reviews can be extremely useful when carrying out the strengths and weakness section.

Opportunity: An untapped market with the need for more products. Few competitors in my area. Media coverage. Social media. New need for products we already create. Emerging technology that will make x, y, and z easier for my business.

Threats: Who are my existing competitors? Is there a greater need for my products and services than we can handle? Emerging competition. New technology that is difficult to master quickly. Economic stability and conditions. New regulations. Cheaper alternatives.

Using public market data can assist you in completing the opportunities and threats section.

Why is SWOT important?

The SWOT analysis will provide insight into what is happening with your business both internally and externally, and will hopefully give you new ideas on how to boost your business. Once you have completed a SWOT analysis for your company, it’s important to take action on priority pieces. Identifying strategic alternatives to the strategies you already use for your business, such as pairing up strengths and opportunity, or weaknesses and threats. Recognizing ways you can change or alter your existing strategies is a good first step in optimizing your business. Finally, creating a roadmap once you’ve identified your priorities will allow you to see the time it will take to achieve your goals, and you can get started!

What will a SWOT Analysis do for my business?

A SWOT analysis will give you a base for understanding what you can and can’t control in your business. It will help you enhance numerous aspects on your business so that you’re focusing on exactly what you need. This strategic management analysis will not only benefit your business overall, but also assist in increasing productivity in the workforce and streamline processes.

We hope this blog helps your business. Let us know if you’d like to hear more or have any questions by messaging us on our social media profiles here or here.

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