When was the last time you conducted a SWOT analysis of your business? Maybe when you were now starting up a few years ago? But sometimes it is necessary for you to step back and do a thorough assessment of where your business is positioned in the market. How many new businesses offering the same or similar services have opened since you started? Has your main competitor expanded or closed down? Is there room to grow into a new market? Your SWOT analysis will help you answer all these questions and more. So let’s begin:
Strength: What is your business strength? What makes your business stand out in the crowd. You and your competitor offer the same product/service. What will make a potential client come to you instead of them? Is it your location or your customer service or your flexibility?
Weakness: What does your business need to work on? What is the missing link that is keeping you back from achieving your success? Who is your weakest link? Ask yourself these questions and then get to work working to turn your weakness into a strength.
Opportunity: What opportunities are now available that may not have been available before? Is the Government offering grants for businesses? Is a new market opening that you can tap into? Look around at all the opportunities for your business growth and development and then jump right in. A new opportunity could be the turning point to your success. Can you create an opportunity for somebody else?
Threats: All businesses have to overcome some threat. The economic crash or the real estate crash was a big threat to many businesses. Some threats you can foresee and others you cannot. How can you turn a threat into an opportunity to expand or step out of your comfort zone.
When first planning your business, you may have had a very clear vision for what your business would be and how it would grow. Over time this vision may change because of changing circumstances or the economic or political climate. Change is not always a bad thing. Doing a SWOT analysis every year or so can allow you to plan for the evolution of your business.
Still have questions about how to complete your SWOT analysis? Feel free to ask me questions in the comments section or drop me an email at info@mkgdynamics.com
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