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.
- S 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:
Strengths
- 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?
Weaknesses
- 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?
Opportunities
- 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?
Threats
- 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.