Strengths, weaknesses, opportunities, and threats all make up the SWOT acronym. This analysis is used for studying the factors that make up a business marketing decision.
Using SWOT analysis, we can identify both internal and external forces affecting your business. Strengths and weaknesses are internal and they are things we have control over, while opportunities and threats are exterior elements that we cannot control but we can anticipate and plan for.
A SWOT analysis is represented as a square divided into four blocks. This arrangement provides us with a quick summary of the company’s current situation. Although not all the points mentioned in the SWOT analysis are of equal importance, they all, however, provide us with insights into the strengths and weaknesses, advantages and disadvantages, and so on.
How is it done?
A SWOT analysis provides realistic, factual, and data-focused insights into the strengths and weaknesses of a business. Instead of guessing and estimating, we base the SWOT analysis on real-life and consider the current situation of the company.
When we use a SWOT analysis we can identify why your company might be strong or weak. And we can use it as a guide towards strategies that will improve your current performance.
Strengths are things that make your business stand out from the competition, what factors are going well, what advantages you have, and what makes you a strong competitor. These are a few questions we ask when researching the strengths of a company.
Weaknesses hinder your company’s performance. In this segment, we focus on what areas need improvement, what disadvantages do you have, and what are other companies doing better.
Opportunities focus on external factors that could boost your company’s performance. For example, lower supplier costs, a new development in the area near your business that will bring you traffic, increased demand for your product due to certain circumstances, etc.
Threats are factors that can harm your company. For example, increase in supplier prices, bad weather, increase competition, shortage of workers, etc.
Here is a small SWOT cheat sheet 😉
How we conduct a SWOT Analysis: Internal and External
It depends on your preferences, you can work with us to analyze what your company is missing, or you can set up a meeting with your team and throw ideas at a whiteboard. There is no specific formula for conducting a SWOT analysis.
We carefully analyze internal and external factors to ensure your study is done correctly.
Strengths and weaknesses are considered crucial for internal processes. These are typically easier to overcome since they are factors that we can control.
Methods where we find the most success include:
- Meet with team members to plan how to improve the current situation.
- Research and use new techniques and strategies that will help manage these processes for you.
- Take action on the things that you can change now. Hire people to do the work and identify what can be done within the next 24 hours to improve the situation.
Depending on the kind of internal factors you are facing, if they are more complex we recommend you hire us to help you solve the problem.
Threats and opportunities are external elements that we cannot control. This includes competitors, trends, and anything we do not have direct control over.
External issues are more complex, and it is smart to do deep research and prepare for them.
We approach external elements by considering:
- Market trends
- Improve flexibility for change
- Analytics and insights of the company
The best approach to external factors is to equip you with the tools and strategies that will allow you to react to them effectively.
In addition to analyzing the internal and external factors that can improve your business, here is how we can enhance your SWOT analysis further.
Hold an effective brainstorming session
Brainstorming has been proven to bring about highly creative and insightful ideas for business improvement. Here is how we do it:
- We invite team members from various departments of your company to meet with our marketing specialists.
- We make sure not to have too many people in the meeting, as it may cause a lack in focus.
- We use different brainstorming techniques depending on the work type.
- We take it one step at a time, tackling each factor separately.
We come up with creative ideas for your business. Our team of specialists is well equipped with strategies that can result in creative solutions that will benefit you.
We rank the ideas on a scale of 1 to 10. Once we have set the most important ideas, we will appoint each of our team members with the appropriate tasks.
It is easy to feel accomplished after completing the SWOT analysis, however, the real work begins now. After the SWOT analysis, we have a list of important plans. Now is the time to implement them and take action.
Grow your business with us:
We can help you identify where you stand in the market and what to improve.
We think outside the box and we work hard.
Contact us now for your free inquiry, you won’t regret it!