You may have heard of a SWOT Analysis? But what does it really mean?
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats.
Developing a SWOT Analysis helps you assess your business and provides a roadmap to improve or fine tune your business strategy.
You can do a SWOT Analysis on your own, but it is better with external input using a fresh perspective from a business advisor, your work team or even trusted family members. It helps you to gain valuable input and insights into your business.
Strengths:
These are things that your business does well.
It might be product superiority, great customer service, size of business and capital strength, efficiency of your business processes, great logistics, low overheads, innovation and so on.
Weaknesses:
These are areas of your business that need some improvement.
It might include deficiencies in business processes, lack of resources, lack of cashflow, high staff turnover, lack of knowledge or skills of the business owner.
Opportunities:
These are areas that you can improve and grow your business.
It might include finding new markets, new product offerings and new promotional offerings.
Threats:
These are things that could potentially harm your business.
They may come from changing legislation, economic and political issues, competition from competitors, changing market needs and technological advances.
Once you have completed your SWOT Analysis you can use it as a strategic planning tool to guide the future direction of your business. You can use it to prioritise your time and resources to grow your business and achieve your goals.
Download your free SWOT Analysis now.