Posts tagged #small business

Have you done a S.W.O.T Analysis?

When I was working in marketing for a large insurance company we did a S.W.O.T. analysis before we rolled out any new product or program.  This allowed us to gather knowledge on what was already out there, what we could contribute, and, how to move forward strategically.  The same concept applies to a small business. 

Have you done an analysis yet on your business or product-offerings?  If not, we're here to help with that!  Or, sometimes it's also helpful to have a second set of eyes review it.  In the meantime, here's a very high-level overview...

Strengths--In theory the strength and weakness part of the analysis are internal factors, but,  by using a critical eye on your business, you can see that's not always the case.  Questions to ask here can include: what do we do better than everyone else?  What advantages do we have?  What resources do we have that others don't?"

Weaknesses--What can you improve?  What do others see as a weakness?  For me, that second question is hard to answer, but crucial.  Don't be afraid to explore weaknesses, they only show you new places to succeed.

Opportunities--Are there any interesting trends happening in your industry?  What about any new technology?  Are there potential changes in government policy that could benefit you?  Any upcoming local events that can showcase your awesomeness?

Threats--The easy one here is what are your competitors doing?  But, look beyond that.  New technology can help or hurt your business; is there a new product coming out that will threaten what you offer?  New government policy can also be a help or hindrance; stay current on what lawmakers are doing. 

Like I said, a very high-level overview.  But, give us a shout, we're here to help you sort through all of this!

Posted on October 4, 2015 .