Read on and let's see how SWOT analysis can help your business grow.
First, why is SWOT analysis so powerful?
SWOT analysis is very useful. It combines internal and external factors to clearly depict the current position and future prospects of your enterprise on a picture.
Other technologies may also help you evaluate your company, team and organization, but they will more or less ignore the serious threat from competitors. Too narrow an analysis may also miss key opportunities for growth and development outside the business.
On the other hand, blindly paying attention to external factors means that you have to rely on other people's every move, which will constrain your actions and greatly reduce the chances of internal promotion.
Through SWOT analysis, the correct balance of internal and external factors can be guaranteed.
Second, when to use SWOT analysis?
SWOT analysis can play a great role in many business fields. Here we list some of its applications:
? When setting new business goals,
? When analyzing existing policies,
? When planning a project
? When monitoring the success of a project/strategy
? When you plan your marketing strategy
There are no strict rules about when and where to use SWOT analysis. Generally speaking, SWOT is very helpful at any time when you want to evaluate the current strengths and weaknesses and look for growth opportunities.
Third, how to do SWOT analysis.
Think about what SWOT analysis looks like. You might ask.
1, advantages
? What is your unique selling point?
? What do you do better than your competitors?
? What aspects of your business are particularly strong?
? What factors make customers choose you first among similar enterprises?
? What kind of products or services make you stand out?
2. Disadvantages
? What can be improved in your enterprise?
? What made you miss the sales opportunity?
? Which area of your enterprise has always had problems?
? What should you do if your business is regarded as a disadvantage by customers?
Step 3: Opportunities
? What conditions do you have available at present?
? What changes can be made to provide growth opportunities for your market?
? How to take advantage of policy changes?
? Are there any local activities you can participate in?
Step 4 threaten
? What are your competitors doing? Is this a threat to you?
? As far as the market is concerned, will this change have a negative impact on your business?
? Do you have any quality problems?
? Do you have any cash flow or debt problems?
? Will these threats seriously affect your business?
Not sure what your SWOT analysis should be like? Please look at the complete example below for inspiration.
SWOT analysis example 1
You run a fast food restaurant, and sales are declining. Leave a SWOT analysis and find out the reason. Here are the results:
1, advantages
? The food is cheaper than the shops nearby.
2. Disadvantages
? Staff turnover rate is high, and many employees are not fully qualified.
? I scored very low in some recent health checks.
? The quality of food is far lower than that of nearby shops.
Step 3: Opportunities
? A new nightclub has opened nearby, which will increase the number of customers at night.
? The local competition for the best fast food restaurant will begin soon.
Step 4 threaten
? The increase in online comments means that people can read more negative comments about stores before deciding whether to go shopping.
? A new fast food chain has opened in this street.
In this analysis, we can see that the disadvantages of fast food restaurants outweigh the advantages, which is a key warning signal. Looking for ways to remedy the current disadvantages and taking advantage of the opportunities listed above should help the development of this industry.
SWOT analysis example 2
You run a small toy store on a busy street. You want to expand your business and decide to do SWOT analysis. Look at the following results:
1, advantages
? Toys that are more unique than the shops nearby.
? Very friendly and personalized service, training excellent employees.
2. Disadvantages
? Toys that are more expensive than competitors.
? Brand awareness is not as good as that of large chain famous toy stores.
Step 3: Opportunities
? The local children's hospital is holding a large-scale activity to encourage toy donation. Charitable sponsorship and donation of toys can enhance the brand image of (the company) and attract positive publicity from local media.
? A toy brand is the trend of social media. Attention to this toy market will encourage customers to patronize.
Step 4 threaten
? There is a big toy store chain across the street, which may threaten sales.
? Video games are more popular than traditional toys.
In this analysis, we can see that enterprises have some key advantages and opportunities to take advantage of when deciding how to deal with threats. Focusing on providing first-class service and establishing a good local image can help small self-employed toy stores cope with the threat of large chain toy stores across the street.
If you want to know more clearly how your enterprise grows and develops, a detailed SWOT analysis is a good starting point.
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