Conducting a Strengths, Weaknesses, Opportunities, and Threats analysis of your business should be a dynamic venture. It can no longer be siloed as a static, once a year (if even) exercise in preparation for your annual sales and marketing meeting.
SWOT analysis does not take much time, and doing it emboldens you to think about your company in a new frame - helping your team to improve your CONTINUOUS business strategy by making sure you’ve considered all of your business’s strengths and weaknesses, as well as the opportunities and threats.
A SWOT document is as important as a mission statement or your brand book.
Let’s work on the 13 steps to build an effective SWOT analysis.
- Involve employees from all the vital departments within your company in the SWOT analysis. They will know nuances you may miss. (SWOT: strengths, weaknesses, opportunities, threats).
- Consider involving important clients, suppliers and other trusted partners who know your niche and can provide an objective view.
- Ask contributors to collect and review information on internal resources and external factors affecting the company and industry.
- Assemble a SWOT team brainstorming conference to pinpoint your organization's strengths and weaknesses as well as the opportunities and threats.
- Select a moderator for the brainstorming session. Decide whether you have the in-house skillset and objectivity to moderate the session, or if you should use a third-party moderator.
- Fashion an open and honest atmosphere, totally void of judgment towards others’ suggestions; especially be forthright about weaknesses and threats.
- Examine internal operations such as finances, marketing, management and personnel, production to categorize strengths and weaknesses.
- Analyze competitors, customers and suppliers within the business environment and market to identify opportunities and threats.
- Examine, point-by-point, the ideas that have been raised during the brainstorming. Reach 99% analysis unanimity on what are the key strengths, weaknesses, opportunities and threats.
- Isolate any additional information you need to confirm your analysis and if further market research is required.
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