a swot analysis is a way for a business to gauge its current ability to accomplish its goals, and also get an idea of potential future challenges. for this reason, a swot is a great tool to help get your head out of the weeds as you run your business day to day. if you’re thinking about offering a new service, expanding to a new market, or changing your prices, just to give a few examples, a swot analysis is a great way to get a lay of the land before you commit to any one idea. it is a good exercise to reveal business opportunities and threats, and it makes you aware of strengths and weaknesses that you need to remedy or use to your advantage.
our biggest piece of advice here would be to involve other people in your analysis. if your business is small enough, involve everyone. set up four rows or quadrants, and go through each of the factors as a team, then see what your various perspectives reveal to you about your business. these internal factors in your table will be made up of things directly under your control as a business manager and company owner. external factors are things your business cannot control.
a swot analysis can help improve the way you do business. it is designed to help identify problem areas and resolve or address areas that can be enhanced. a swot analysis is a simple tool that is easy to use. this will offer a full spectrum inventory of the analysis to ensure all areas are addressed as extensively as possible. even though you will want all areas of your company represented, the entire process should only take about two hours or so. your company’s strengths are considered an internal condition that you have the power to change. some examples of strengths are: this means you can capitalize on imperative components of what your company has to offer. hire team members who are going to make customers feel welcome and who have a friendly disposition, all while realizing the importance of excellent customer service. another internal condition of your company is its weaknesses.
again, this means they can be controlled by you and your team. be sure you have the latest technology for your employees to communicate with and for customers to utilize when interacting with you. opportunities are considered to be an external condition. they include things like: while you cannot control what type of competition you have, you can make the most of it if it is an opportunity in your company’s line of work. they have the possibility of impacting your company in a negative way. however, being aware of what they are enables you to address them from a place of knowledge. by running this tool, you are addressing areas of possible concern in a proactive manner. you are not waiting for your customers to come to you with issues. a swot analysis provides beneficial information that can elevate your company to success and provide the information necessary to get there. as a seasoned entrepreneur, matt’s focus is to help small businesses leverage the internet and technology to grow.… view full profile › join over 100,000 of your peers and receive our weekly newsletter which features the top trends, news and expert analysis to help keep you ahead of the curve.
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