The way things evolve today, this tool is something you should consider doing with your business and reviewing / adjusting it at least every quarter! This article speaks about a great tool that should be a part of your Marketing Plan. The S.W.O.T analysis. What is it? How can it be used to help your business?
A SWOT Analysis is a great way to evaluate your business at any given time and help put a new game plan together to bring you and your business to the next level. Not only can this be used for your business, but you can also do a SWOT Analysis on yourself!
Here is a great quote that I feel relates to this article, and in my opinion should be applied to your everyday life. Enjoy the article!
“If you don’t like what’s being said, change the conversation.” – Don Draper.
What Is a S.W.O.T. Analysis??
A swot analysis is a tool that can be part of a Marketing plan or used individually to help discover new opportunities or manage and eliminate threats. It is a useful technique / tool to help you better understand your strengths and weaknesses at any given time.
It is made up of four parts, Strengths, Weaknesses, Opportunity and Threats.
A bit of Marketing Trivia, the SWOT analysis based on my research was originated by Albert S Humphrey in the ’60, and is as useful now as it was then, maybe even more!
Breaking it down! Bring in your own SWOT Team!
Time to get your hands dirty, and the gears turning, time to do your own SWOT analysis. Here are some great questions to get you well on your way. It doesn’t have to be anything fancy, just grab a few sheets of paper and get to work!
- List all the advantages that your business may have?
- Is there anything that you do better than your competition?
- What do your customers see as your strengths?
- Are there any exclusive or low-cost resources at your disposal that your competition can’t easily get?
- What is your Unique Selling Proposition (USP)?? We have an article all about that here.
- What is causing you to Win Sales?
I always recommend that you put yourself in your customer’s shoes and in your own when answering these questions. Consider also that what you have in common with your competitors is not a strength, it is a necessity!
- What can you and your business improve?
- What would your customers perceive or see as a weakness?
- What are the things you should be avoiding?
- What is causing you to lose sales?
Be truthful and realistic with your weaknesses, this is not a failure by any means, it is an opportunity to fix it and get better!
- Are there any new trends in your industry? Name them.
- Are there any opportunities that you haven’t yet taken advantage of? Name them.
Consider the following when answering questions around opportunities. Changes in technology, lifestyle changes, social patterns, new or changed government policies, local events, etc… You could also review your strengths and weaknesses for any underutilized or missed opportunities.
- What is your competition doing that you’re not?
- Are there any changes in quality or expectations around your products / services?
- What obstacles are you / should be battling?
- Are technology changes, economic changes or any other uncontrollable factors affecting your business? Which ones and why…
- Are you facing any financial (debt or cash-flow) problems?
- Are any of your weaknesses jeopardizing your business?
By doing a SWOT analysis regularly, (monthly / quarterly / yearly) you’re putting yourself in a position of always being on top of your game. You will have a great understanding of where your business stands, and you will have all the resources and information required to put a great action plan together to get you moving in the right direction.
A SWOT analysis is also a service provided by Your Go To Guy and would fall under our Marketing Consulting services. Should you want to dive into a deeper analysis than what you see above, please feel free to set up a consultation with us. We would be more than happy to help and get your business to the next level!