SWOT stands for Strength, Weakness, Opportunity, and Threat. The goal of a SWOT Analysis is to assist your business or organization in assessing its current position before making a decision and creating a strategy. A SWOT Analysis allows you to make an informed decision based on 4 aspects of your business. SWOT compiles any internal (strength, weakness) and external factors (opportunity, threat) that may affect the decision-making process.
Reasons to do a SWOT Analysis:
>To provide regular analysis of your operations
>You need to pivot a plan to a new direction or redefine a plan. This can happen because of a new opportunity, unexpected threat, or downturn in business
>When you are at a turning point in your business and need to determine where changes should be made. An inquiry into your strengths and weaknesses can provide insight on which direction to take
>You need to identify a plan for a new venture and want to make an informed decision to solidify a path to success.
As you brainstorm, note the strengths, weaknesses, opportunities, or threats in the appropriate category. Be honest with yourself when considering your weaknesses, this will only work if you can note the areas in which you can improve. On that same note, proudly list your strengths. This is not the time to be humble!
When listing your strengths and weaknesses consider:
>Staff
>Funding
>Location
>Experience
When listing your opportunities and threats consider:
>Industry Trends
>Your Target Market
>Your Competition
After you’ve listed your strengths, weaknesses, opportunities, and threats begin processing strategies based on the result. Focus on leveraging your strengths and opportunities to overcome your weakness and threats. Look for connections in the SWOT. Do you have strengths that can lead to future opportunities? Create an action plan from the results. Prioritize these actions so that your plan will be efficient with your business’s time and money. Did you discover an oppourtunity or use a SWOT Anaylsis, or even a pros and cons chart, to pivot during the pandemic? We want to hear about it!
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