Social Media Means
Social Media Means
Photo: Charlie Solorzano
A SWOT analysis will help you identify areas of your business that are performing well. These areas are your critical success factors and they give your business its competitive advantage. Identifying these strengths can help you make sure you maintain them so you don't lose your competitive advantage.
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Read More »will not provide solutions or offer alternative decisions—you must look at the issues noted and work to generate solutions can generate too many ideas but will not help you choose which one is best—when this occurs, try to limit the scope of the analysis to only a few solutions can produce a lot of information, but it may not all be useful—you must review the data generated to determine what is relevant. Tips for completing a successful SWOT analysis A SWOT analysis helps you assess internal factors that might affect your business (strengths and weaknesses) and external factors (opportunities and threats). You will need to review and act on the results from the SWOT analysis. The following tips can help ensure your SWOT analysis is successful: Keep your SWOT analysis short and simple, but remember to include key details. For example, if you think your staff are a strength, have specific information about individual staff and their specific skills and experience, as well as why they are a strength and how they can help you meet your business goals. Get multiple perspectives on your business—ask for input from your employees, suppliers, customers and partners, and review online reviews and feedback. Make sure the focus of the SWOT analysis is not too narrow. While it can help to complete SWOT analyses on specific issues (e.g. a quarterly goal for growing your customer base), having an overall business SWOT analysis is always helpful. Ensure that you link the SWOT analysis back to your business plan—you should refer to the defined goals and objectives in the business plan when considering the issues identified. Make sure you capture and document the findings of your SWOT analysis in your business plan—use our business plan template. Conducting a SWOT Download the SWOT analysis template and conduct your own analysis of internal and external issues that might be affecting your business. Or you can read the example SWOT analysis below and replace the details with your own. Example SWOT analysis The following is an example of a SWOT analysis conducted by a business trying to decide if they should introduce a new product to their range. To get the most out of a SWOT analysis, specific statements should be made in each category. For example, rather than simply list 'competitors' as a threat, specific details about how competitors are a threat have been included. Once you have read through this example SWOT analysis, you can type your responses to build a SWOT analysis for your business. Internal Strengths - Excellent sales staff with strong knowledge of existing products - Good relationship with customers - Good internal communications - High traffic location - Successful marketing strategies - Reputation for innovation Weaknesses - Currently struggling to meet deadlines - too much work? - High rental costs - Market research data may be out of date - Cash flow problems - Holding too much stock - Poor record keeping External Opportunities - Similar products on the market are not as reliable or are more expensive - Loyal customers - Product could be on the market for Christmas - Customer demand - have asked sales staff for similar product Threats - Competitors have a similar product - Competitors have launched a new advertising campaign - Competitor opening shop nearby - Downturn in economy may mean people are spending less
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Read More »What to do after completing a SWOT After you've compiled your SWOT data, complete an analysis by: selecting a maximum of 3–5 issues from each quadrant in the SWOT tool
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