What is a SWOT Analysis?
A SWOT analysis is a strategic tactic companies use to determine and evaluate their Strengths, Weaknesses, Opportunities, and Threats. Conducting this analysis allows you to understand your brand positioning better and watch for gaps. Additionally, you can identify areas to grow and thrive in. But this is not a one and done duty—you should do this every 6 months. Furthermore, you may want to do this process on your highest competitors to gauge their standing as well.
First off, you should write down your business’ strengths. Strengths create an advantage for your company. Moreover, this can include: uniqueness, certain employees, your brand’s position, or anything else that places your business above competitors.
Weaknesses are any downfalls of your company. Record any disadvantage(s) or limitations your business faces here. This is an internal aspect, and you should be very honest and open in this stage.
When looking into your opportunities, you should try to dig deep. Look for any factors that can improve efficiency and become strengths. For example, if a certain trend in heading in your business’ favor, jot that down.
This category focuses on external factors that could cause a disadvantage to your company. Perhaps a new business has entered the market and is very promising. Additionally, the materials you need to build your product could jump in price.
You Ought to SWOT—It’s Worth a Shot
The SWOT analysis truly helps your company stay keen and ready to take things to the next level. Staying up-to-date with the market and your SWOT gives you an advantage over your competitors. Furthermore, it addresses any pressing changes that must occur.
Make sure to involve a large amount of team members to gain critical insight in various areas. You can expose factors that you were completely ignorant to prior—such as opportunities and threats. Encouraging open communication is key. SWOT will help you make logical decisions and prepare for the coming months ahead. Lastly, as a method of jump starting your analysis, Hubspot offers a free SWOT analysis template here.
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