So everyone knows the role of a SWAT team in policing. They are the guys and gals that take care of business when necessary to go in with full force to deal with aggressive situations and take on the most dangerous of incidents. Well in business we all need that type of model as well. One that will take care of the business that we may not see if we didn’t have that TEAM around.
SWOT Analysis in business is your TEAM of choice and it stands for ; STRENGTHS, WEAKNESSES, OPPORTUNITIES, THREATS. It is a tool you can use to assess those items mentioned above. It is a valuable step in assessing variables and can give you great insight to your business before trouble hits.
In terms of using this for business, it can be used to help you decided how to secure your market niche. It helps you uncover opportunities that place you in a strong position and it also lets you look at the weaknesses in your company to assess where you need to outsource or look for ways to remedy it. By looking at SWOT analysis you can have an advantage over your competitors.
Here are some questions to ask yourself when beginning the process of SWOT Analysis;
Strengths- What areas is the company strong in? What does your company do better than anyone else? What unique resources do you have access to? What do others see as your strength?
Remember to look at it in terms of your customers and how they see you.
Weaknesses- What could you improve on? What things should you avoid? What is going to be seen as a weakness by others in your market? What factors will lose sales?
Again, consider it from your customers and competitors point of view. Do you have weaknesses that are holding you back? Best to evaluate that now and not later, be honest with yourself so you can find a resolution fast.
Opportunities- What are some of the good opportunities facing you? What are some of the interesting trends you are aware of?
There are lots of opportunities out there for example what local events could effect you and bring opportunities. Look for changes in government policy in your field. The easiest way to deal with opportunities is to look at your strengths and see if there are any hidden opportunities in them.
Treats- What obstacles do you face? What is your competition doing that you should be worried about? Is changing technology threatening your position? Do you have bad debt or cash flow issues?
Doing this analysis can be very revealing to showing you what needs to be done and putting things in perspective.
SWOT Analysis is simple but can really help you zoom onto key point that can move your business forward. Assessing your strengths, looking at weaknesses so you can understand where you need to build, looking for opportunities and minimizing your threats, can really help you take advantage in your market towards hidden potential. For more of this article where we delve deeper into the topic check out our Excellence Mastermind Network.
WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? Feel Free. Simply include this blurb with it:Darcelle Runciman is CEO, Author, and Business Mentor and of Darcelle Runciman.com. Darcelle mentors entrepreneurs and small business owners how to use systems and their brilliance to increase their profits and create mo*ney making businesses by showing you steps to take to gain clarity and retain that balance that we all strive for. Darcelle works in groups, through tele-classes, through her products, and her Adventure Mentoring Programs. For more information visit www.darcellerunciman.com and sign up for her Fr*ee Audio on 12 -Tips to Profiting in Business, and her Fr*ee Ezine “Inspired Business”.
