No matter what kind of business you’re running, you should know that there are many different factors that could potentially determine its success. You’ll have to look into what factors are both controllable and uncontrollable and then build strategies around them that will benefit your business.
The one thing that you can do to help you out with this is to conduct a SWOT analysis. This article will teach you all that you need to know in regards to how you should go about in getting the information you need and how to go about creating a document to hold it all.
Using analysis templates will make your business decisions easy and give you more clarity in running your business in a positive way. If you are doing a company analysis, you can examine your stocks and price actions of your commodities using Company Analysis Template.
1. Strengths: Every business has its own strengths. What defines a strength would be anything that the business has that it can benefit from or any aspect it has that puts it above its competitors. For example, let’s say that you’re running a car wash service that offers more cleaning services for less than the usual amount that your competitors offer. These extra services are something that you can consider as one of your business’s greatest strengths as that alone could potentially draw in a good number of customers and clients.
2. Weaknesses: If your business has strengths, then there’s no doubt that it’s going to have its weaknesses as well. A weakness can be defined as anything that could potentially prevent your business from doing what it’s supposed to or from reaching its goals. For example, let’s say that you’re running a retail store but most of your employees in the customer service department find it hard to communicate with customers. This is a glaring weakness that must be fixed as soon as possible to prevent issues from popping up.
3. Opportunities: It’s possible that there are areas of opportunities that your competitors have yet to find or tap into that you can take advantage of. But you’ll also need to know if they’re what your business needs or if you have the time and resources to actually make use of these opportunities. Study them first before deciding on what your business should do.
4. Threats: A threat is something that could prevent it from ever reaching its goal or even potentially run in into the ground. Take note that there are both internal and external threats and you’ll want to learn about all of them. One of your biggest threats would undoubtedly be one of the biggest threats you have to worry about. For instance, if you were to get into the photography business, then you will have so many other competitors to the point where you’ll have to figure out what you can offer that they don’t.
1. Utilizing Google Docs: If you’re going to use Google Docs, then you’ll have to log in to your Gmail account first. If you don’t have one, then register in Google’s main site to obtain it. Once you’ve managed to acquire your Google account and have logged into it, then here’s what you’ll need to do:
You may also use the same process to create documents other than for SWOT analysis’.
2. Make your SWOT analysis document: Next is to put in the information you need to help you understand your business’s current situation in the industry. Be sure to do the following:
If you want to learn more about the different types of SWOT analysis you can conduct, then go through our site until you find the articles that can help you.
If you feel as if there are too competitors that could prevent your business from being successful, then you always have the option to enter a different market. Or perhaps you could try finding something that you can use that will give you a big advantage over your competitors.
Again, you simply need to prioritize the ones that have the highest chance of ending your business if left unchecked. If there are weaknesses or threats that pose little danger, then you can deal with those last and focus on the more important ones.
You can check out our SWOT analysis templates should you wish to make to create the document in a more convenient manner. Also, make use of the information found in this article to guarantee that you are able to conduct a proper SWOT analysis.