The SWOT term has been frequently used by the small business community without understanding exactly what it means and why it is needed. There are a wide variety of business plans, all of which combine to make a final determination as to how you will grow your business. In my opinion, the SWOT analysis will help you understand who you are as a small business owner. It takes a look at both your strengths and weaknesses, thus forming a great foundation upon which to start building your marketing program.
When doing a Strategic Focus Business Plan, I always include a SWOT analysis as part of the overall plan.
This blog is intended to offer a brief but complete explanation of what is contained in a SWOT Analysis.
S = STRENGTH
- What is your experience as it relates to your business?
- What do you do well?
- What is your special expertise?
- What are your unique skills?
- What resources do you lack?
- In what areas of your business do you need help or more education?
- In what business areas do you need to improve?
- Do you need to change an unprofitable part of your business?
- What do you perceive to be the best goal you should be working towards?
- How can you improve your marketing to reach more of your target market?
- How can you improve current customer retention?
- What are the greatest obstacles that you currently face?
- Who is your greatest competitor and why?
- How is your market changing?
- How are the products/services you currently provide changing?
Consider this as a start to your planning process for 2017.
“If you don’t know where you are going you’ll end up someplace else.” Yogi Berra
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