We all have dreams of running a successful business and we know that strategic planning is what will help us achieve the highest potential. However, we have noticed that many of our clients (or potential clients) have a tendency to forget what their SWOT analysis is comprised of for their business; or simply do not revisit the topic. SWOT stands for Strengths, Weakness, Opportunity and Threats.
SWOT Analysis Example
The format can be simple (ie. swimsuits):
S – Strength
- Unique/Stylish designs
- Comfortable to wear
W – Weakness
- Not well known
- No storefront
- Supplier is expensive
O – Opportunity
- Network is comprised of athletes
- No local suppliers
T – Threats
- Big name retailer sales swimsuits
- Competitors have a larger footprint on the market
What does this mean?
Strengths – Determining your strengths can be a little challenging for new businesses and this only justifies the importance of having to revisit your SWOT analysis semiannually or annually. As you determine what best suits your strengths, write them down in a book and continue to build upon your list. Sometimes your strengths are not really a strength based upon your idea when embarking into your local market. Therefore, do not lose focus, see what is working and adjust to what is converting for your business.
Weakness – At first, this may seem like a sensitive subject to most owners, but those who are able to identify and own up to these weaknesses will be the most successful. We have to understand where we are weaker so that we can build upon those gaps. Clearly identify if your businesses processes are in place to handle a customer from start to finish. Once identified you can then determine if there is a breakdown in this system; rather it be employees, marketing or your internal system.
Opportunity – There are many opportunities everywhere! You just have to be willing to go get them at the right time and systems in place to handle the uneven demand of your consumers. These opportunities could come from social media outlets, internal network of family and friends or just you as being the face of your brand; either way, these are opportunities to document.
Threats – This is a fairly easier task to complete in this process. Your threats can be your competitors, potential dishonest employees and the local competitor who started a business similar to yours in the same market. Complete this list and place the biggest threat in numerical order from 1 to 10. As your business grows, strike out these threats and document your additional strengths and opportunities.
Want More Information?
Use social media for networking
Hopefully this helps put things in perspective for your business goals. Remember social media is not only a social tool, it can be easily transformed into opportunities for your business through Facebook, Instagram and Youtube.
Feel free to contact us if you would like additional assistance with your business; where we help create, define and brand your business!