Time to SWOT Up!
SWOT you on about?
See what I did there? Oh, come on, that was good…
As you may have gathered from my hilarity, today’s post is about SWOT analysis. What is it? How will it help your business grow? How do you use it to your advantage?
Why SWOT analysis is so important
If you’re anything like me, and the 99% of business owners out there pushing hard to develop their businesses, sometimes it can feel a real struggle. You’re probably making progress, but your job is to stop the issues and sort them, to plug the holes and to keep everything moving.
Worse yet, because of that, as your business grows, it can feel like you’re working harder and harder to control the beast. Systems get complicated, there’s more staff to manage and your overheads increase.
You end up feeling like it was much easier when it was just you. When things weren’t so complicated and when you felt completely in control.
So, how do you take stock? How do you analyse where your business really is and decide on your next marketing campaign?
It’s time to SWOT up!
SWOT do you mean?
“What’s a SWOT analysis?”, I hear you cry! SWOT stands for strengths, weakness, opportunities and threats. A SWOT analysis allows you to make the most of what you’ve got whilst also being aware of what you’re lacking and eliminating any hazards or threats.
Better yet, it allows you to craft a strategy that distinguishes you from your competitors to get you ahead in the marketplace!
Strengths are things that your organisation does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organisation has over others. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes.
Think about it from the view of your customers and your competitors too. What do they see as your strengths? It can only be considered a strength if it gives you a clear advantage.
These are the absolute opposite. What holds you back? What desperately requires improvement? Be honest and face those unpleasant truths.
Businesses that critically analyse their weaknesses are far more likely to succeed. What does your business lack to take it to the next level?
They are any of the openings available to you. They usually arise outside of your business and you need to have a keen eye on the future to spot them.
Think about where opportunities might come from. This could be market conditions, it could be a change in customer behaviour, it might be government policy or even a national lockdown! Growing businesses find opportunities where others see obstacles.
Being able to spot and exploit opportunities can make a huge difference to your organisation’s ability to compete and take the lead in your market.
Threats are anything that could have a negative impact on your business. This could be competitors, it could be technology, it could be a world health crisis!
It’s vital to anticipate threats and to act against them before you become a victim of them and your growth stalls.
By knowing your threats, you can take steps to mitigate them before they happen. Always be aware of what external challenges your business is exposed to.
By completing a SWOT analysis, you can use your strengths to take advantage of any opportunities and you can improve your weaknesses, whilst mitigating for any threats.
Sounds simple, right?
It really is. This is a simple and effective exercise that you should be undertaking regularly. It might not be as formal as drawing a matrix, but it should be something you’re keenly aware of.
Want help analysing your business and making the most out of your opportunities? Book a Discovery Call with me, I’d love to help.
Over and out!
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