How To Conduct A SWOT Analysis On Your Business

Author : Benjamin Bressington

Every business owner shares at least one identical objective: To succeed One way to ensure your business is on the right path to success is to conduct a SWOT analysis on your business

SWOT which is short for Strengths, Weaknesses, Opportunities, and Threats is an effective way of identifying your business’s strengths, weaknesses, opportunities and threats Conducting a SWOT analysis is common in business; even individuals who want to evaluate where they are in their careers often conduct a SWOT analysis Businesses often use the SWOT analysis to help map out their business plan or marketing plan

Get others involved

You may want to involve others, including your employees, in the SWOT analysis If you opt to have others involved, request that they take the time to consider the business’s strengths, weaknesses, opportunities and threats before the designated meeting time for the group SWOT analysis

Identify your strengths

Your first step, whether you are working alone or as a group, is to identify your business strengths: Your particular business strengths might include the quality of your customer service, the competitive pricing your business offers, the location of your business, or your position in the marketplace

Identify your weaknesses

Just as it is essential to know your business’s strengths, you must also identify your business’s weaknesses When you identify your business’s weaknesses, you are going to be able to move forward by turning those weaknesses into strengths

In fact, keep your SWOT analysis and review it in a year You’ll likely notice that the majority of the weaknesses you have listed are no longer a problem in your business

Your business weaknesses may include such things as employees who are chronically late or who chronically call off work, a problem with a particular product or service, or a failure to introduce new products to the market

Identify your opportunities

Once you’ve created a list of your business’s strengths and weaknesses, you’re ready to consider the opportunities your business has If you’re working in a group situation, be aware that while you may consider one factor an opportunity, someone else may see it as a threat The opportunities and threats section of your SWOT analysis can be subjective

Opportunities your business may have include the implementation of new technology, offering better training for your employees, or a marketplace that has become more diverse

Identify your threats

Identify your threats while keeping in mind that opportunities and threats can be subjective Threats to your business might include such factors as an increasing unemployment rate in the country, new legislation that directly affects your business, or interest rates that are rising

Determine your priorities

Identify the top five strengths, weaknesses, opportunities, and threats to your business from the lists you’ve already created

Ask questions

Using your top five lists, answer the following questions:

How will the business strengths allow us to take advantage of our opportunities?

How can the strengths be used to deal with the threats to the business?

How can the business turn weaknesses into strengths which, in turn, will allow the business to take advantage of the listed opportunities?

Work toward your goals

After you’ve answer the questions, start working toward the goals you’ve identified

Bejamin Bressington is the Internet Sales Doctor the catalyst in your online business success. Available to Seminars, Speaking Coaching and mentoring. Check out Internet Sales Doctor for further FREE Business Tips to Boost Your Profits Now

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