Simple SWOT Analysis for Your Business
What is a SWOT Analysis and why is it worth doing?
A SWOT analysis is a tool created in the 1970s at Stanford to enhance strategic planning for any project or business. It’s a simple exercise worth taking the time to do before you dive into any new venture so that you identify the strengths you should focus on as well as potential issues down the road before you start and plan accordingly. It also can help you identify your competition to stay ahead in your market.
What are you doing well? What sets you apart? What are your good qualities?
Where do you need to improve? Are resources adequate? What do others do better than you?
What are your goals? Are demands shifting? How can it be improved?
What are the blockers you’re facing? What are factors outside of your control?
When should you do a SWOT Analysis?
Before launching your business or starting your next project, identify your strengths and weaknesses as well as the most significant opportunities and threats in your current market. This will help you decide on the best strategy to achieve the greatest returns.
If you do this simple exercise at the start of each project, it can provide you with a snapshot of the advantages and challenges you will face so that you can plan accordingly, have clear and reasonable goals, and not veer off in the wrong direction.
You can do your own SWOT analysis before starting your project using the following simple format: