A SWOT analysis is a great tool for your business to figure out where to focus strategic decisions.
S is for STRENGTHS
Strengths are internal to your business. They are positive tangible and intangible attributes that are inside of your organization and within your control.
W is for WEAKNESSES
Weaknesses are also internal to your business. They are the harmful factors within your control that detract from your organization’s ability to attain the desired goal. These are always opportunities for improvement.
O is for OPPORTUNITIES
Opportunities are external attractive factors that represent the reason for your business to exist and develop. They are opportunities that exist in your industry and environment that propel your business for long-term success.
T is for THREATS
Threats are external factors beyond your control that could place your business’ operation or mission at risk. With considering threats, it is important to have contingency plans in place and to consider the severity or frequency of external threats.
They Come Together to form the SWOT
Once you have identified your internal strengths and weaknesses and your external opportunities and threats, you can put together strategic business decisions. Decisions that take your strengths into your external opportunities and threats to make the most of your business. And strategic decisions to work on your weaknesses in light of external opportunities and threats.
Crazy quick case study
To bring the idea home
Say you are a graphic designer who struggles with keeping up with emails. A weakness would be maintaining your client relationships if they are based on emails. An opportunity where you can minimize your weakness is the ability to use non-email tools to communicate with your clients. To invite them to your Basecamp or ClickUp or Asana.
Because the way the industry is moving is most likely outside of emails for your clients as well (an opportunity). Or perhaps the opportunity outside of yoru business is that virtual assistants are becoming easier to hire and they could handle your inbox for you.
Several strategies can take advantage of the opportunities in the market while minimizing your weaknesses.
Check out my IG Live video talking about SWOT analysis for your business …