Every business should undergo a SWOT analysis process for it to be successful. A SWOT analysis gives you an idea how your business will go in the field in the first stages of the sales process. It will help you focus on key areas of your business such as location, expenses, management, and so on.
There are plenty of SWOT analysis tools available online for you to use (Microsoft Excel, X-Mind). But if you want to go the traditional way, a pen and paper will suffice.
Creating a SWOT Analysis
SWOT focuses on four key areas, mainly: Strength, Weaknesses, Opportunities, and Threats. (hence its acronym being SWOT) You can create a SWOT analysis your own way by following this guide:
- Strengths – This sections is where you will identify the strengths of your clients’ products and services.
- Weaknesses – Reflect on your business and evaluate what are its weaknesses.
- Opportunities – In what way can your business capitalize on open-door opportunities?
- Threats – What are the potential threats of your business that you need to address as soon as possible?
On with the Guide
Creating a SWOT analysis surely takes some time. So today, let’s have a look on how to make things easier and quicker.
Instead of focusing on “strengths”, let’s mind the “weaknesses” and “threats” first. Focusing on these two gives you an idea how we can take advantage of opportunities for your business. If you’re using X-Mind as your preferred application of choice or SWOT analysis, they have a feature where you can note each section and expand into it. If you’re using Microsoft Excel, a similar option also existed but it can be tricky to navigate. Whatever application you’re using, don’t forget to add a note in each section that can act as your guide. Both weaknesses and threats are the ones you should expand and focus on when creating your first ever SWOT analysis. This is where your supposed-to-be unique selling point should be thrown. And after that, creating your strengths and opportunities will be a piece of cake.
Getting Ready for Action
Now that everything in your SWOT Analysis is ready and set, it’s time for some action. Remember, as stated above, your focus on both weaknesses and strength plays a vital role for your SWOT analysis’ success. Below are four questions you should consider:
- What are the most pertinent items that are costing them business/sales?
- How can you help your clients to get there?
- Why do you think you are the best person for the job?
- How’s your past experiences on other clients?
And that’s all of it! Creating your small business’ SWOT analysis is as simple as five minutes with the help of our guide. We hope this article has been a big help to you and your journey towards the field of business.