When running a business, the “Ignorance is bliss” approach may seem tempting but may create major roadblocks when trying to scale heights.
Successful Business owners often know their business inside out. One of the ways they do this is by conducting a SWOT analysis.
Albert Humphrey discovered the SWOT analysis in the 1960s. It helped companies understand their business as a whole and analyze their current situation.
SWOT stands for Strengths, Weakness, Opportunities, and Threats. This doesn’t need to be complicated and is simple enough for any individual to do it.
Just list out the 4 categories and do a brainstorming session with your colleagues to make it a more joyful exercise.
1.Strengths: This can be anything that sets your business apart from your competition like knowledge, experience, certifications, workforce, product /service uniqueness, location, you could include things from your SHINE list.
2.Weakness: Anything that’s hindering your progress ex: bad reviews, cash flow problems, too many employee absences, etc.
3.Opportunities: For example a gap in the market where you could help, a specific niche or group of people, new ways to reach your customers, etc.
4.Threats: This can include your competitors, too many start-ups in your niche, government regulations affecting your industry as a whole, etc.
Once the exercise is done, you would have a clear picture of the various things that require immediate attention. These can help revise your goals and equip you for future challenges.
A simple way to use your SWOT list is as follows:
- Use and build on your strengths to stand out,
- Work on your Weaknesses,
- Get ready to use the opportunities that are coming your way
- Think of ways to minimize the effect of the Threats.
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