Do you know your business’s strengths, weaknesses, opportunities, and threats?
This type of review for your business is also commonly referred to as a SWOT Analysis in the business world. A SWOT analysis should be performed routinely in your business in order to see the best success, no matter what industry you’re in.
So what does a SWOT analysis look like in your business?
The first step of the SWOT Analysis is to define the strengths of your business. What does your company excel at?
This is an opportunity to thoroughly review your business. What does your business do well at? When consumers look at your business, where do they find their motivation to invest in your business? What value do you bring?
Strengths can be tangible and intangible. They can be positive characteristics of the culture or people within your company, or perhaps the tangible assets of your company such as your capital, credit, patents, or even technology.
Once you’ve nailed down the strengths of your business, look for ways to improve them. Continue to do what you’re doing so you can maintain these great strengths that will serve as the foundation for your business.
What are the weaknesses in your business? These are areas that your business could use some improvement. Try to be specific so the goals you are setting are intentional.
In addition, try to make sure your mindset is in the right place. This isn’t supposed to be a pity party for your business. This is an opportunity to think constructively and develop solutions the weak points within your business.
What are your consumers likely to see as weaknesses? Where do you have fewer resources than others? You are a problem solver and a goal-getter! Develop attainable goals to strengthen your company from the inside out.
Rather than viewing them as weaknesses in your business, consider these shortfalls to be opportunities for your business to improve and find more success. There’s always room for improvement! Even if you’re making millions, you can find new ways to increase your profits and add value to your business.
Exploring the opportunities your business can take advantage of to advance even further is the next step within the SWOT Analysis.
Are there current trends within your industry that you can implement into your business?
Opportunities are seeds for growth! Are there favorable external factors that can give you a competitive advantage? Opportunities are ways for your business to grow.
Perhaps investing in specific areas could set your business apart from the rest. Whether it’s investing in technology, employees, or better materials for your products, there are endless opportunities to take your business to the next level.
Who is your competition? Don’t let your competitors put you down, think of them as motivation to rise to the occasion to push your business to the next level.
Threats don’t always have to be competitors, they can also be outside factors that you have no control over that could potentially harm your business.
Has new technology replaced the value that you and your company can bring to the table? Have there been shifts in consumer behavior or government regulations that could reduce your sales?
Reviewing your business and contemplating these questions should be built into a routine to see optimal success. Consider developing a template you can document your SWOT analysis whether that’s monthly or quarterly, so you can document your success and see how far you’ve come.
Quarterly SWOT analyses will give you more insight into your annual reviews and help you to implement strategies to transform your business into a well-oiled machine!!
Diedrich Marketing Strategies can help you develop a SWOT analysis for the marketing side of your business! If you’re in need of a one-on-one consultation to define the areas of improvement in your business and develop strategies to overcome those shortcomings and transform them into strengths, please contact us! We are here to help your business succeed.
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