One of the single greatest tools in a small business owners toolbelt is the ability to critically analyze how their business operates. On that note, today we’re going to talk about a useful technique for analyzing and growing your business – the SWOT Analysis.
Originated by Albert S. Humphrey in the late 1960’s, the SWOT Analysis is a powerful decision making tool for any business. Let’s dive in!
Take a piece of paper and draw 4 squares on it. Title each square Strengths, Weaknesses, Opportunities, and Threats.
Strengths:
What do you do well
What benefits
Weaknesses:
You don’t know what you don’t know
Inexperience
No marketing or market share
Opportunities:
Festival or event sales
Competition left
New growth
Threats:
Limited cashflow
Can’t hire/retain employees
New competition
Conclusion:
By taking the time to develop a SWOT Analysis you are able to quickly and clearly see a roadmap for your company moving forward both internal and external.
#SWOTAnalysis #SWOT #BusinessStrategy
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