What is SWOT Analysis and how can your business benefit from it?
Siobhan Mears
Business Growth Strategist & Mindset Coach helping impact-driven founders build sustainable impact and income | Plug-in Growth Team @themearscollective | Growth Platform @elevatebase | Board Trustee | NED | Speaker
What is a SWOT analysis?
S - Strength
W - Weaknesses
O - Opportunities
T - Threats
SWOT Analysis is done to assess your organisation's current position before you decide on any new strategy.
This will help you to recognise what is and isn’t working in your business and help you to explore new strategies, or revamp your internal policies.
It is recommended that you do a regular SWOT analysis in your business, for awareness on what position your business is currently in.
SWOT Analysis is ideal to do during your year-end business review, or at the beginning of a new year, to help you plan. Especially if you are considering reviewing and redoing your business strategy.
Who should do your SWOT analysis?
This is a task that can’t be completely delegated, but you will need to enlist the right people (such as your OBM or Coach) to work through it with you. It will help greatly to have the insight and perspective of your key team members.
How to do a SWOT analysis?
Firstly you will need to write down and identify your strengths, weaknesses, opportunities and threats.
Strengths and Weaknesses - INTERNAL FACTORS
Opportunities and Threats - EXTERNAL FACTORS
How to Use your SWOT Analysis result.
Once you've examined the result of your SWOT, you will likely have a long list of potential actions to take. Build on your strengths, Improve your weaker areas, take on any threats, and grab every opportunity for improvement.
But, before you jump into action, look for potential connections in between your matrix. For example, could you use some of your strengths to get more opportunities? Could eliminating some of your weaknesses open more opportunities? Use threats to gain more strength?
Now that you have more clarity, you can now start strategising on how to implement your ideas and what actions to take towards your GOALS. You will be able to focus and give more time and money to the most important issues arising.
I hope this has helped enable you to get strategic with your goals for 2021.
Like, share or comment, if you know anyone can benefit from this!
Exited founder | Building community @ Female Founders Rise | Speaker | Mum of 4 | Posting all things entrepreneurship and growth
4 年Yes I love a SWOT Siobhan Mears - such a great business tool!