A WAY TO LOOK AT THE BIG PICTURE SO YOU CAN DIRECT YOUR MARKETING AND INTERNAL PROCESS TO GROW YOUR COMPANY.
Think about your strengths from both an internal and external point of view. These can be either tangible or intangible.
- What are you great at?
- What do your clients say they love about you?
- What advantages and resources does you or your company have?
Examples of Strengths:
- Long-term contracts
- Established clients
- Developed technology
- Strong reputation
- Large market share
- Educated staff
These are the areas of your business that need improvement. They are generally within your control to change.
- What needs improvement?
- What do your customers and prospects see as a weakness?
- What reasons do people give for choosing not to buy from you?
Examples of Weakness:
- Small market share
- Bad reputation
- Poor internal processes to deliver services cost effectively
- Bad location
- Lost key employees
- Slow to react to market changes
- Unprotected network
These are usually external factors that help your business grow. When you can identify your key opportunities, you will be able to create or take over market share.
- What’s going on in the market?
- Can you see any new market trends?
- Are there new or emerging technologies to consider?
- Are there any new government incentives?
- What local activities or events might pose an opportunity?
- Has a competitor gone under?
- Are there any acquisitions to be had?
- New York State dropped state tax to businesses
- Competitor closed doors
- New retail space is opening in a high-traffic area
- R&D completed a new product to promote
- New marketing tactics have emerged (e.g., social media)
- Competitors are behind in technology
These can be internal or external factors that represent a potential issue for your company. In many cases, they’re beyond your control. What threats are your worst fears? Knowing them allows you to create a contingency plan.
- What are your obstacles?
- Are your competitors taking your customers?
- What is your cash flow and capitalization?
- Have you saved for a rainy day?
- Are there government regulations that might negatively affect you?
- Is your marketing plan strong?
- Have you kept up with technology?
- Do you have a Disaster Recovery and Business Continuity Plan in place?
- A large retailer just entered your market share.
- Social trends are diminishing the need for your products or services.
- Rising gas prices have affected the number of people traveling to your resort.
- Economic decline has reduced your prospect list.
- Government regulations are forcing you into costly compliance.
How Can We Help You With a SWOT Analysis?
For many business owners, it’s helpful to have an outside party come in and work with your team to ask the right questions. In most cases, you know the answers to the questions! But if you don’t know the answers, our consultants can do additional research to help you uncover them.