What internal resources do you have? Think about the following: Positive attributes of people , such as knowledge, background, education, credentials, network, reputation, or skills. Tangible assets of the company , such as capital, credit, existing customers or distribution channels, patents, or technology.
What advantages do you have over your competition? Do you have strong research and development capabilities? Manufacturing facilities? What other positive aspects, internal to your business, add value or offer you a competitive advantage? Weaknesses internal, negative factors Weaknesses are aspects of your business that detract from the value you offer or place you at a competitive disadvantage.
What factors that are within your control detract from your ability to obtain or maintain a competitive edge? What areas need improvement to accomplish your objectives or compete with your strongest competitor?
What does your business lack for example, expertise or access to skills or technology? Does your business have limited resources? Is your business in a poor location? Opportunities external, positive factors Opportunities are external attractive factors that represent reasons your business is likely to prosper. What opportunities exist in your market or the environment that you can benefit from? Is the perception of your business positive? Has there been recent market growth or have there been other changes in the market the create an opportunity?
Is the opportunity ongoing, or is there just a window for it? In other words, how critical is your timing? Threats external, negative factors Threats include external factors beyond your control that could place your strategy, or the business itself, at risk.
Who are your existing or potential competitors? What factors beyond your control could place your business at risk? Are there challenges created by an unfavorable trend or development that may lead to deteriorating revenues or profits? What situations might threaten your marketing efforts? Recruit additional points of view from friends who know a little about your business, your accountant, or even vendors and suppliers.
The key is to have different points of view. Existing businesses can use a SWOT analysis to assess their current situation and determine a strategy to move forward. For startups, a SWOT analysis is part of the business planning process. One or two hours should be more than plenty.
Gather people from different parts of your company and make sure that you have representatives from every department and team. Doing a SWOT analysis is similar to brainstorming meetings, and there are right and wrong ways to run them.
I suggest giving everyone a pad of sticky-notes and have everyone quietly generate ideas on their own to start things off. This prevents groupthink and ensures that all voices are heard. After five to 10 minutes of private brainstorming, put all the sticky-notes up on the wall and group similar ideas together.
Sticky dots in different colors are useful for this portion of the exercise. Based on the voting exercise, you should have a prioritized list of ideas. Of course, the list is now up for discussion and debate, and someone in the room should be able to make the final call on the priority.
This is usually the CEO, but it could be delegated to someone else in charge of business strategy. These questions can help explain each section and spark creative thinking. Strengths are internal, positive attributes of your company. These are things that are within your control. Weaknesses are negative factors that detract from your strengths.
These are things that you might need to improve on to be competitive. Opportunities are external factors in your business environment that are likely to contribute to your success. Threats are external factors that you have no control over. You may want to consider putting in place contingency plans for dealing with them if they occur. They sell hot, ready-to-go pies and frozen take-home options, as well as an assortment of fresh salads and beverages. The company is planning to open its first location in downtown Yubetchatown and is very focused on developing a business model that will make it easy to expand quickly and that opens up the possibility of franchising.
After all, the exercise is about producing a strategy that you can work on during the next few months. General enquiries: 13 QGOV 13 74 Market and customer research. Use the following 8 steps to conduct a SWOT analysis. Research your business, industry and market Before you begin the SWOT analysis you need to do some research to understand your business, industry and market.
List your business's strengths The first step is to identify and list what you think are your business's strengths. List your business's weaknesses List things in your business that you consider to be weaknesses i. List potential opportunities for your business Think about the possible external opportunities for your business. List potential threats to your business List external factors that could be a threat or cause a problem for your business.
Establish priorities from the SWOT When you have completed the steps above, you will have 4 separate lists. Develop a strategy to address issues in the SWOT Review your 4 prioritised lists by asking: How can we use our strengths to take advantage of the opportunities identified?
How can we use these strengths to overcome the threats identified? What do we need to do to overcome the identified weaknesses in order to take advantage of the opportunities? How will we minimise our weaknesses to overcome the identified threats? Also consider Find out how a business mentor can help you address issues revealed by your SWOT analysis.
Learn how to prepare a risk management plan for your business. Find out how benchmarking your business can help you compare your business to your competitors. Learn how to address your weaknesses by training staff.
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