Many tools are available that can help you in getting the deep analysis of your business.
SWOT Analysis is one such tool that can do a complete analysis of your business and present it to you in a structured way. SWOT stands for Strengths, Weakness, Opportunities, and Threats. Means, it helps you to analyze the strengths and weakness of your business. Also, you can identify the opportunities available to you and the threats you are facing.
Why do a SWOT Analysis?
As said earlier, SWOT Analysis is a planning tool that can help to analyze a business which helps you explore the opportunities available by analyzing the what you are good at and eliminate the threats that can arise from external factors (laws, competitors, culture…) or from internal weaknesses.
It’s main use is to help you have an objective and realistic representation of your business within it’s market and take strategic decisions regarding where, when and how you should focus your time and energy.
Also, SWOT Analysis helps you to have an insight of your competitors and it is an excellent way to distinguish yourself from others and do a successful business.
How to do a SWOT Analysis?
It’s simple. Here are the example questions that you can use for yourself.
Strengths:
1. How you’re different from your competitors?
2. How do others see as your strengths?
3. Which areas you think is the advantage to your business?
Weaknesses:
1. What are the improvements your business needs now?
2. How do others see as your weakness?
3. What are the reasons for the decline in your sales?
Opportunities:
1. What are all the new technologies available for you to market your business?
2. How can you make use of the social media marketing?
3. Is there any opportunity you miss that your competitors are using?
Threats:
1. What are all the obstacles you have in your growth?
2. How your business is affected by changes in government policies?
3. Are you affected by bad debt?
Take your business to the next level
A common opportunity most small business have is to invest in business management tools to automate certain parts of your business such as:
• Sales & Invoicing
• Time and project Management
• Stocks & Inventory
• Customer Relationship Management (CRM)
• And more…
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