To run a successful business, you should regularly analyze your processes to ensure you are operating as efficiently as possible. While there are numerous ways to assess your company, one of the most effective methods is to conduct a SWOT analysis.
Anything worth doing at all is worth doing well. SWOT analysis guides you to build on what you do well, address what you’re lacking, seize new openings, and minimize risks
SWOT analysis can be used on companies, services, product, people etc
SW are internal analysis, OT are external
My advice for business owners has always to always analyze your SWOT before drafting your marketing plan.
SWOT analysis allows businesses to combine both internal and external analysis.
Strength: Your strength could be core competencies, the area the business excels. An example of your strength could be strong brand recognition
Weaknesses: These are areas that need improvement, your weakness could be low brand recognition,
Opportunities: Favourable factors with the potential to improve current position, Eg, it could be that your industry is currently valued at so and is expected to reach …. In 2023. It can also mean the advent of a new technology that your company can explore to grow.
Threats: these factors arise from the external environment and have the potential to harm the organization. What situations might threaten your marketing efforts?
