I suggest business owners perform a SWOT analysis at least once a year. SWOT represents the four elements the owner should evaluate: strengths, weaknesses, opportunities, and threats. Traditionally, analysts considered strengths and weaknesses internal to the business and opportunities and threats coming externally to the business. In recent times, however, the field recognizes that some opportunities and threats also arise from within the organization.
How to Conduct a SWOT Analysis
The following steps will help you conduct the analysis and act on your findings
- Prepare a list of questions that will help you explore your strengths, weaknesses, opportunities, and threats. Develop additional questions to dig deeper the basics. (You may consider the list of questions on Rob Berman’s Blog on in the middle of Businessballs web site on SWOT):
- What are our strengths? Do well? Assets? Advantages? Capabilities?
- What are our weaknesses? Disadvantages? What do we do poorly?
- What are our opportunities? New markets or products? Trends? Market needs?
- What threatens our business? Competitors? Politics? Obstacles? Economics?
- List the articles and studies you will study, and the people you will interview
- Associations and industry sources typically track opportunities and threats
- Ask yourself, high and medium priority stakeholders, staff, clients, competitors, and others
- Conduct your analysis by gathering information from a variety of methods
- Email surveys using Survey Monkey, Constant Contact or other tools
- Phone or personal 1-on-1 interviews
- Focus groups
- Staff meetings (try this wonderful game)
- Compile and analyze the answers
- Compile all the answers to each question
- Count similar answers and highlight frequent observations
- Diagram your findings using a simple 2x2 table or other diagraming tools
- Ponder the answers you received privately and discuss them as a staff
- Prepare a plan to resolve major problems
- Emphasize your strengths
- Turn weaknesses into strengths
- Take advantage of opportunities
- Defend against threats
A yearly SWOT analysis can help you grow your business.
Join me Saturday to discover how a RACI assessment can help you divide responsibilities
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