An easy way to summarize if your business is in a good position, for your own peace of mind, or to determine whether starting new project is a good idea is to do a SWOT analysis. This exercise helps you understand your business’ landscape and can help you prioritize.
What is a SWOT analysis? SWOT stands for:
Strengths: what gives your business or organization an advantage over your competitors
Weaknesses: what parts of your business or organization puts you at a disadvantage compared to your competitors
Opportunities: what aspects of the market or upcoming trends can you take advantage of
Threats: what aspects of the market or upcoming trends that could potentially harm your business
Strengths & Weaknesses lets you easily see the internal analysis of your business, and Opportunities and Threats lets you easily see the external analysis of your fit in the market.
Answering questions related to your business’ general health as well as its place in the market is meant to figure out whether the goal is achievable and to lead to planning actionable steps to achieve a goal. Test it out for your entire business for a a new idea now! You can either print the slides or make your own online copy to reference later on.