If you’re a marketer or business owner, you might be wondering if SWOT analysis is even practical or feasible for your company.
A SWOT analysis provides a unique opportunity to gain a better understanding of how a business operates.
SWOT gives you an on-point strategy that allows you to prioritize the work that you need to do to grow your business.
you think you know everything to grow your business?
If the answer is yes, rethink and conduct the SWOT analysis for confirmation. Even if you know everything, SWOT analysis will force you to look at your business in new ways and form new directions.
Now, there are many ways to conduct a SWOT Analysis. Regardless of how you structure your analysis, you should begin by asking a series of questions.
Mentioned below are some of the questions that can help inspire your analysis you can brainstorm on, to conduct a SWOT Analysis for your company:
The strong aspects of your firm are called strengths
•What does your company do best?
•What are the strengths of your team?
•What qualities separate you from your competitors?
Weaknesses are the factors that divert you from your strengths.
• What are the things your company lacks?
•What business processes need improvement?
•What are the tangible assets your company requires?
Your success is likely to be influenced by your opportunities.
• Is your market growing and what are others doing about it?
• What are the emerging needs for your products or services?
•Do your customers think highly of you now that your company is up and running?
Threats are the factors that you have no control over.
• Possibilities of any natural uncertainties?
• Who are your competitors who may enter your market?
•Is customer behavior shifting in a way that could have a negative impact on your company?
Weaknesses and strengths are things that you have control over or that you can modify. A few examples include: who’s on your staff, your patents and intellectual property, and where you’re located.
External opportunities and challenges are those that occur outside of your firm, in the bigger market. You can profit from chances and protect yourself from risks, but you can’t change the situation.