How to carry out a simple SWOT analysis for your business.
Project management is extremely important in today’s business world. Whether you’re starting a brand new business, starting a new project in your already existing business, or just trying to improve your business operations, project management techniques are extremely imperative to maximize resources, minimize risks, and to ensure the overall success of your business or project.
One of the basic techniques of project management is the SWOT analysis, and in today’s post, we’ll be briefly exploring its meaning and how you can use the SWOT analysis for the benefit of your business.
SWOT stands for: strengths, weaknesses, opportunities, and threats. Let’s explore how you can easily perform a SWOT analysis on your business.
1. S (strengths)
The first step is to perform an honest examination of your business. What are your business’ strengths? What is your team good at? What advantages do you have over your competition? E.g., new ideas, new techniques, strong team, good social media presence, etc. Write down all these points under the strengths category.
2. W (weaknesses)
You know what to do with this one too :). Just like the first step, analyze where your company is lacking. What do you do poorly? What are your weaknesses as a team? In what areas are your competitors better than you? E.g., lack of sufficient capital and tools, limited team members, resources, relatively unknown/new company, etc. Write down all the points you can think of.
3.O (opportunities)
What are the advantages of starting your business or project? What opportunities are there for your company in the industry/market? E.g, opportunity to make profit, get local and international renown, opportunity to provide employment, etc. Write down all the opportunities you can think of.
4. T (threats)
The last stage is to examine all the risks and threats involved in starting your business or project. Think of as many threats as possible and write them all down. This will provide you with a clearer idea of what you’re getting into. Examples of threats could be economic changes, fluctuation of the exchange rates, inflation in your country, political changes, etc. Write down all the threats.
After jotting down all these points with your team, create a simple visual table, and discuss solutions to each problem with your team. Brainstorm and think of ideas on how to manage these issues if or when they arise. Assign team members to the relevant issues and ensure that you create a proper plan to deal with them.
So, that’s it! Pretty easy, right? : D Remember that a proper SWOT analysis can save you resources and help you get prepared for situations that might arise.
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