Small Business Tip – Conduct SWOT Analysis

One key activity that is important for every small business owner to do on at least an annual basis is to conduct a SWOT Analysis.

  • Strengths
  • W Weaknesses
  • O Opportunities
  • T Threats

I’ve prepared a free basic SWOT ANALYSIS FORM for you to download and use.

Here are a few questions to help you start the process:


  • What are your strengths?
  • What makes your organization so successful?
  • What differentiates your business?
  • Why do customers use your product or service?
  • What allows you to beat the competition?
  • Do you have any personnel that really give you a competitive advantage?
  • What is your current financial status? Is it a strength?


  • What makes you lose sleep at night?
  • Where do you see opportunities for improvement?
  • What products or services do your customers ask for that you currently do not provide – and it causes them to go elsewhere?
  • Do you have any personnel that lack necessary training or skills?
  • What is your current financial status? Is it a weakness?


  • What products or services could you add?
  • Are there any similar businesses that you could acquire?
  • Could you serve new markets beyond your current service area – new geographic areas?


  • What move could the competition make that would jeopardize your business?
  • Do you have non-competes in place for “mission-critical” personnel?
  • What makes you lose sleep at night?
  • What economic conditions would greatly affect your ability to do business?

The overall goal of an annual SWOT analysis is to force “macro-level” thinking that challenges you to prepare for challenges and to identify and take advantage of opportunities.

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