Today, we are getting back to business basics and covering the SWOT analysis and how it can help any business – old and new.
The SWOT analysis is a strategic planning tool that helps a business identify their own strengths and weaknesses, as well as any opportunities and threats that may exist in a specific business situation. A SWOT analysis is a good tool for general business strategizing and a starting point for team discussions.
When is the last time your business completed a SWOT analysis?
Here is some advice: To get the most complete, objective results, a SWOT analysis is best conducted by a group of people with different perspectives and stakes in your company. Management, sales, customer service, and even customers can all contribute valid insight. Moreover, the SWOT analysis process is an opportunity to bring your team together and encourage their participation in and adherence to your company’s resulting strategy.
Questions to Ask During the Process
Use the list of questions below to start the important conversations that will uncover the nuggets that will improve your business.
Strengths: Think about the attributes of yourself and your business that will help you achieve your objective. Questions to consider:
Weaknesses: Think about the attributes of yourself and your business that could hurt your progress in achieving your objective. Questions to consider:
Opportunities: Think about the external conditions that will help you achieve your objective. Questions to consider:
Threats: Think about the external conditions that could damage your business’s performance. Questions to consider:
We hope this helps! If you were feeling stuck or lacking inspiration for new ideas, a SWOT analysis can definitely spark you and your team’s imagination.
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