If you are not familiar with the term SWOT ANALYSIS, it is a method of identifying the strengths and weaknesses of a business. It also shows the opportunities and threats that a business can face. So if you are in the process of reviewing your business it is a good idea to start with a SWOT analysis. They don’t have to take long and are a good way to include other departments or people to help. This way you get a unique perspective on your business.
We will show you how to conduct a S.W.O.T. analysis but first let’s explain what it stands for.
So now we know what they stand for how do we actually start the process. The first thing to do is get a blank piece of paper and and draw a cross on it. Use the top for the strengths and weaknesses ( internal factors) and the bottom for the opportunities and threats (external), see diagram.
It’s best to try and do this as a group so include other departments as they can give valuable insights that you may have missed. If you are a small business or sole trader include a trusted friend or family member to help. In a larger organization you may even do this by department. Once you go through this process you will start to see a unique picture of your business. You should be able to identify what sets you apart and what can to be done to minimize your risks.
The SWOT analysis is what will lead on to the next phase of the business review process, the features, benefits and value your business has to offer. We will look at this in another article.
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