Strengths. Weaknesses. Opportunities. Threats.
How often do you consciously assess your business’ current position, in relation to it’s competitive environment?
Using a SWOT analysis enables you to do exactly this, which allows you to out-perform your competition.
Strengths
- What do you do well?
- What do your customers and competitors think you do well?
- What makes your business unique?
- What strengths do you employees have?
Weaknesses
- What do you know you could improve?
- On what resources are you limited?
- What do you customers/ competitors see as your weakness?
- What do your competitors do better?
Opportunities
- What current trends could you take advantage of?
- What opportunities are available in your market?
- How can the strengths be turned into opportunities?
Threats
- What do your competitors do better?
- What negative impact could your weaknesses have on your business?
- Where are your skills gaps?
Conducting a SWOT analysis can strengthen your understanding of where your business sits in relation to your competition, giving you the chance to invest your time and resource where it matters most.
Whilst you can focus this around your talent and employees, you can use it for all other aspects of business such as your supply chain, branding, balance sheet, customer loyalty and technology, just to name a few!
Give it a try! And if you need help with your strategic planning, contact megan@yourhrhandled.com