Is your business going in the right direction?

 

Whether you’re a new business or a long established business, you should always carry out a SWOT analysis. Conducting a SWOT analysis will give you an overview of four key areas within your business. You will be able to see the positives, negatives and areas where you can improve your business. We would recommend that you conduct a SWOT analysis on an annual basis but, you must keep it up to date in order to grow and develop your business.

When did you do your last SWOT analysis?

Carrying out a SWOT analysis will help you to identify your company’s:

· Strengths

· Weaknesses

· Opportunities

· Threats

Use your SWOT analysis to set your ‘actions for improvement’ for your business development and growth.

Some important questions you should ask yourself are:

Strengths

What are we really good at?

What are our unique skills?

Where do we outperform our competitors?

Weaknesses

What are we really poor at?

What resources are we short of?

Where are we at a competitive disadvantage?

Opportunities

How could we improve our sales?

How could we improve our efficiency?

What are the new products/services/niche markets could be added?

Threats

What regulations are changing?

What products/services are losing demand?

What resources are difficult to find?

What are our competitors doing?

To find out more tips/information, why not download a copy of our

Book “57 Ways to Grow Your Business” Here

Agree? Disagree? Do let Sharon Rose-Bloy know what you think by commenting below.

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