SWOT Analysis Can Help You End the Year with a Bang
It’s hard to believe, but the 4th quarter of 2015 is approaching fast. How has the year been so far for your small business? Do you know what you need to do to close out the year with a strong financial finish?
One way to prepare for the 4th quarter is to complete a SWOT analysis on your business. A SWOT analysis is a useful tool that helps you understand the strengths and weaknesses of your business while uncovering any opportunities that may be available to you and identifying any threats you may face. A SWOT analysis can help you see where your business is currently and where you need to go to have a successful end to 2015.
The easiest way to complete a SWOT analysis is to answer questions about your business and current situation. Below are some questions you may want to ask yourself. Just make sure as you answer these questions that you are honest, realistic and thorough.
Tip: Generally, strengths and weaknesses are related to internal factors within your company, while opportunities and threats are due to external factors.
- What does your company do well?
- Where is your business most profitable?
- What do you do better than your competition?
- What could you improve within your company?
- What resources do you lack?
- What factors cause you to lose sales?
- Are there related products or services you could offer?
- Are there any new target markets you could sell to?
- Are there any new trends you could take advantage of?
- What obstacles do you face?
- What are your competitors doing?
- What is going on in your industry?
Once you have completed a SWOT analysis, you can use your answers to measure your progress and make a strategic plan for the rest of the year. A SWOT analysis can help you:
- Set new SMART – specific, measurable, attainable, realistic, time-bound – goals.
- Make decisions about specific strategies.
- Identify new initiatives you may want to take.
- Detect possible areas within your business that you need to change.
- Create a strategy to distinguish yourself from your competitors.
So, what are you waiting for? Go grab a piece a paper and start listing the strengths, weaknesses, opportunities and threats to your business. Then develop a plan to get your business where it needs to be by New Year’s Eve.
To Your Success!