Keep Up-to-date: SWOT

This is the fifth in the series of ‘Keeping Up-to-Date; focusing on SWOT.

SWOT Analysis

SWOT is a quick and general analysis of the current position of your company / yourself. It is a good idea to carry out a SWOT on a regular basis.

It takes in to account both internal and external factors

It is an effective way of gathering and categorising information

It can provide a basis for designing a future strategy

S.W.O.T

Strengths:
What we do well

Weaknesses:
What we need to improve

Opportunities:
What we can take advantage of

Threats:
Who we need to look out for

Strengths (Internal)
Used to identify what you / the business and its staff do which:

They are effective at
Are well known for
Make money
Generate the business and reputation
Cause customers to come back
Cause other businesses to try and learn from them

Weaknesses (Internal)
Identifies aspects that:

Cause the company to loose money
Cause the company to do badly
Cause the company to have a poor reputation
Cause grievances, and complaints for the business

Opportunities (External)
Directions a business could profitably take in the future
Is there a new demographic online you could target?
Can your brand grow?
Can you branch out with new products?

Threats (External)
Did you fail to take advantage of an opportunity?
What is your competition doing?
Are the competition taking your business?
Are the competition offering something you’re not?
Try completing a SWOT analysis and let me know how you get on.

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