Why Every Business Needs a S.W.O.T Analysis
As a fellow business owner, I understand the complex challenges you face in navigating the business market. A helpful step you can take for your business is to invest in a SWOT analysis: assessing your business’s Strengths, Weaknesses, Opportunities, and Threats. Having recently completed this process for my own company, I can confirm that it is a valuable strategic planning and management technique that is too often overlooked.
An independently led SWOT analysis objectively evaluates the core of your business, beginning with the strengths by identifying the loyalty of your customer base, the innovativeness of your product lines, and the dedication of your team. However, by adding an unbiased external assessment of your weaknesses, you can discover critical areas that an internal assessment might miss. For instance, you might discover a risky over-reliance on a single supplier or outdated marketing strategies that hinder growth.
The next step is to identify opportunities, whether they are distant goals or new ideas. Market evaluation can reveal untapped markets and niche segments of the population that you have never considered a potential area for growth. A deep dive into today’s latest technology could reveal ways to boost operations and product offerings. You should always be looking for a “clear roadmap” for strategic investment as well as ways to reignite the entrepreneurial spirit that drove you to start your business.
The final section identifies external potential threats, which differ from internal weaknesses as threats can be out of your immediate control. This includes tough competition, supply chain challenges, regulatory changes, or even poor customer reviews. You need to understand the threats in order to develop a robust contingency plan.
As an experienced business owner and the President & Chief “Getting It Done” Officer of Eleve Business Solutions, I strongly advise you to consider an independent SWOT analysis for your business. The insights gained are well worth the investment, setting your business on a path from good to great.
Eleve’s mission is to help businesses achieve sustainable growth, so we take a holistic approach and remind clients of the power of an unbiased evaluation as a vital step towards achieving long-term success and resilience in your industry.
Michelle Brick
Eleve Business Solutions Inc.
mbrick@elevesolutions.ca | 780-402-1739
www.elevesolutions.ca
