When was the last time you sat down and wrote a S.W.O.T Analysis for your company?
A year? Two years? Never? Don’t think it’s necessary?
I beg to differ.
For those of you who aren’t familiar with S.W.O.T, it is an acronym for Strengths, Weaknesses, Opportunities and Threats. It is a brainstorming tool that allows you to evaluate your company’s current standing both internally and externally. It’s important to review your company’s S.W.O.T on a regular basis because things change. The economy, your product/service, customers, trends and competition… nothing is guaranteed and you really need to be aware of where you stand amongst it all.
Some questions you should take into consideration when completing the analysis are:
- What are we doing well?
- What can we improve on?
- Can we expand?
- What is our competitor doing better/ next?
- What is our next step?
- How is our workforce?
- How are our facilities?
- How is our product/service compared to our competitors?
- What is our reputation like?
- Are we affected my emerging technology?
- How is our web presence? SEO?
- How is the economy right now? How will it be in a year?
- What current trends could harm you/ help you?
Ask yourself the above and categorize your answers under strength, weakness, opportunity or threat on a S.W.O.T diagram. For your convenience- please feel free to download a free, blank S.W.O.T .PDF sheet below.
Put some time aside in the near future to complete the assessment and use your findings to improve and develop your business strategies moving forward. You may be surprised with the results- sometimes the simplest alteration to your current disposition will send positive ripples throughout your organization!