Once you have read through this example SWOT analysis, you can delete the entries that do not relate to your business, and type your responses to build a SWOT analysis for your business. Internal environment Strengths S Weaknesses W Excellent sales staff with strong knowledge of existing products Good relationship with customers Good internal communications High traffic location Successful marketing strategies Reputation for innovation Currently struggling to meet deadlines - too much work?
To print a blank SWOT analysis, delete the text in the 4 boxes before printing. The business can then assess the results to decide if they can use their strengths to take advantage of the opportunities and introduce the new product.
After assessing the results, they may decide that the weaknesses and threats need to be addressed before they can make any changes to their existing product line. You may think that you already know everything that you need to do to succeed, but a SWOT analysis will force you to look at your business in new ways and from new directions. Who should do a SWOT analysis? For a SWOT analysis to be effective, company founders and leaders need to be deeply involved.
Select people who can represent different aspects of your company, from sales and customer service to marketing and product development. Everyone should have a seat at the table. Innovative companies even look outside their own internal ranks when they perform a SWOT analysis and get input from customers to add their unique voice to the mix.
Recruit additional points of view from friends who know a little about your business, your accountant, or even vendors and suppliers. The key is to have different points of view. Existing businesses can use a SWOT analysis to assess their current situation and determine a strategy to move forward. For startups, a SWOT analysis is part of the business planning process.
One or two hours should be more than plenty. Gather people from different parts of your company and make sure that you have representatives from every part. Doing a SWOT analysis is similar to brainstorming meetings, and there are right and wrong ways to run them.
I suggest giving everyone a pad of sticky-notes and have everyone quietly generate ideas on their own to start things off. This prevents groupthink and ensures that all voices are heard. After five to 10 minutes of private brainstorming, put all the sticky-notes up on the wall and group similar ideas together.
Sticky dots in different colors are useful for this portion of the exercise. Based on the voting exercise, you should have a prioritized list of ideas. Of course, the list is now up for discussion and debate, and someone in the room should be able to make the final call on the priority.
This is usually the CEO, but it could be delegated to someone else in charge of business strategy. These questions can help explain each section and spark creative thinking. Strengths Strengths are internal, positive attributes of your company. These are things that are within your control. What business processes are successful? What assets do you have in your team, such as knowledge, education, network, skills, and reputation?
What physical assets do you have, such as customers, equipment, technology, cash, and patents? What competitive advantages do you have over your competition? Weaknesses Weaknesses are negative factors that detract from your strengths.
These are things that you might need to improve on to be competitive. Are there things that your business needs to be competitive? What business processes need improvement? Are there tangible assets that your company needs, such as money or equipment? Are there gaps on your team? Is your location ideal for your success? Opportunities Opportunities are external factors in your business environment that are likely to contribute to your success.Peterson, Peter E. Many companies create their own. I suggest giving everyone a pad of sticky-notes and have everyone quietly generate ideas on their own to start things off. Are there things that your business needs to be competitive? Strengths Strengths are internal, positive attributes of your company. Correlate up for more great content. Are there developed assets that your company needs, such as business or equipment. And incredibly stressful. Are they over 50 or under?.
Use this analysis to produce a list of actions that you can take. The company founder herself has sleep apnea, and she developed the product to increase the comfort of wearing the mask and to eliminate the marks it left on her face. The business can then assess the results to decide if they can use their strengths to take advantage of the opportunities and introduce the new product.
It can be in-person, a focus on networking, or something the company themselves can create like hashtags mixed with customer input. Would customers really care about helping defenseless kittens? Create a marketing plan. The introduction of new organizational practices and personnel who have not previously worked together presents a challenge to the company.
The business can then assess the results to decide if they can use their strengths to take advantage of the opportunities and introduce the new product.
This competition could emerge from a variety of given sources including: Established mass-market companies' development of new lines and vertically integrating so as to be totally in control of supplies and products being sold on the respective markets. But a threat the T in SWOT is always lurking, ready to rip those holes wide open and destroy new businesses before they even launch. Employee training.
The sweaters help these little kittens, abandoned by their mother, survive. What physical assets do you have, such as customers, equipment, technology, cash, and patents? Is your location ideal for your success? Haley can also teach herself by exploring free online marketing resources on Etsy , Bplans , and elsewhere. Lack of clear-cut channels of distribution.
Is your market growing and are there trends that will encourage people to buy more of what you are selling?