A growing business comes with a lot of obstacles, expectations and opportunities along its way. Then comes a times when you want to evaluate your own strengths and shortcomings.
You need a tool to accomplish these task with minimal effort. SWOT Analysis is used develop a plan to determine your priorities and opportunities, and lessen the hassles as you grow your organization.
What is SWOT Analysis?
SWOT Analysis is a tool that analyses your company’s current strength and what is best for its future. It also assesses internal and external factors. A realistic, fact-based, data-driven approach is taken to assess the performance.
How to Do a SWOT Analysis
SWOT analysis include four categories: Strengths, Weaknesses, Opportunities, Threats. A visual arrangement of these concepts provide a quick review of company’s standing. These key insights will helpful in identifying positive and negative factors affecting SWOT.
|*Things your company doing well|
*Characteristics that your competitor doesn’t have
*Resources such as skilled employees
|*Things your company lacks|
*What’s your competitor’s are doing better than you
*Limitation of resources
|*Markets for specific products|
*Less local competitors
*Sudden need for your products
|*New and powerful competitors|
*Negative social situations
*Bad customer attitude
The Bottom Line
A SWOT analysis is a great way to brainstorm in company meetings. It gives an overall view on company’s core strengths and weaknesses, upcoming opportunities and possible threats. You can identify potential areas of improvement in the marketing, production, or sales areas. A good SWOT analysis plan will be a list of questions to answer for each element.