Get the SWOT Team in....
When was the last time you carried out a SWOT analysis in your business?
What is SWOT analysis?
It identifies Strengths, Weaknesses, Opportunities and Threats and is such a powerful tool which can help you ensure your business is operating closer to its optimum.
SWOT analysis can be carried out as a short activity or can be scaled up for larger, more complex businesses and to get maximum value from the exercise. And you can choose a specific project (such as a new product launch) or think about the business as a whole.
How do you do it?
Using a template like the one shown, start to fill in each section - I've provided some examples of questions you could consider for each one. Do this with other members of your team where possible to help increase the number of ideas generated.
- What does your company do well?
- What seperates you from your competitors? (your USP)
- What internal resources do you have? (eg strong leadership, skilled technical team)
- What tangible assets do you have?
- What does your company lack? (consider what your customers dislike)
- What do your competitors do better than you?
- What limitations do you have on your resources? (budget / finance)
- Is your strategy clear?
- How might you improve sales? (marketing / PR)
- What growth opportunities exist? (new markets / new products)
- How do you improve customer satisfaction?
- How do you improve employee satisfaction?
- How do you improve efficiency of the business?
- Are there any PR / media / reputational risks?
- Are there changing regulations or laws?
- Are there new competitors?
- Are there funding concerns?
Once you have carried out the exercise above you can start to establish your action plan. This will help you create a roadmap to making the most of what you've uncovered. You can do this by:
- Considering how you can use your strengths to seize the opportunities
- Exploring ways of converting weaknesses to strengths
- Finding ways to reduce or remove the threats
DHProfessional Solutions can help guide you through this process or even facilitate the whole thing for you, providing a report of the outputs and an action plan.
If you want a free, no-obligation 30 minute consultation, please get in touch today.