I have been working in the professional world for quite some time and have held numerous positions in different departments. These experiences have allowed me to learn more about business in different senses and provided me with extremely valuable information that can be used in any company in any industry. Below I will teach you the basic concepts surrounding a SWOT analysis and how to properly create and use one.
A SWOT analysis allows a company or individual to weigh the risks and rewards of important decisions based on specific criteria. The four parts of a SWOT analysis are broken up into the company’s or project’s Strengths, Weaknesses, Opportunities, and Threats. Together these four pieces of the puzzle create SWOT and allow people to make the best decisions possible with the information provided. I’ll break up these pieces a little more now.
There are tons of questions you’ll need to ask yourself and your team members when completing your SWOT analysis so its better to start firing them off and get right into it. In this section you need to discover the strengths of your company. You need to figure out what makes you a contender and what you are best at. What advantages does your organization have? What do you do better than others? What is your company’s Unique Selling Proposition? A Unique Selling Proposition is basically your company’s competitive edge and their distinguishing factor.
This one can be rather difficult to complete as it means you need to target the weaker points of your business and bring them into the light. You and your team need to determine what you can improve and what you should avoid. What are other people in the market seeing as your greatest weaknesses? What is going on in your company to cause a loss of sales. My best advice on this piece is to be realistic and honest with yourself, otherwise the company won’t succeed in its future endeavors to its fullest capacity.
I have found this area to be more fun and interesting than others. Searching for opportunities allows you to open up and be creative in an effort to grow your business. Its time to ask yourself about the current trends in the market, what does the future of our industry look like, and are there any impending changes coming down the pipeline. Consider everything and weed out the ideas that are quite plausible. Be sure to stay up to date on what’s going on in the market, technology, local events, and more so you can make your work really count.
Opportunities are great but there are usually obstacles that stand in the way of many ideas. There will always be threats to new ideas, businesses, and more, but it is your job to consider those threats so you can better prepare for them should they arise. Better to be over prepared than under prepared. Look carefully to see what obstacles are in your way, what the competition is doing, and don’t forget about internal variables going on within your own company. The last thing you want to do is announce ground-breaking news only to find out you can support it. Consider everything and prepare for everything.
I hope you enjoyed learning about SWOT analyses and how they can affect your decision processes within your company and/or your personal life. If you have more questions be sure to consult the video explaining the SWOT analysis more in depth below. Be sure to check back again soon for more helpful business information.