SWOT; strengths, weaknesses, opportunities and threats.
It’s a process to maximize and leverage your business to its full potential. In this week’s training video, we learn how SWOT will be your core foundational element for your marketing and financial plan. The strength and weaknesses are internal factors, while opportunities and threats are external factors that apply to both you and your business.
So here a few tips on how to use the SWOT Analysis to your business:
Strengths & Weaknesses: 1st you can use personality profile to determine these. These profiles can help you discover what your strengths and weaknesses are. Also, you want to look at what are the high impact and high-income producing activities that you are using for your business. Now look at how your strengths can play into these high impact and high income producing activities. And from there figure out what your weaknesses are, these will be things that you should outsource to make sure that your business is running optimally.
Opportunities are your added values that you bring to the table like a referral or loyalty program that can help you gain customers to your business. Check out the different types of added values here.
Threats are things that can make the difference between a potential customer choosing your competitor over you like price competition, lack of a marketing plan, lack of differentiation in the market.
Once you have all this written out, you can start developing a plan using all of this information. What you can and should be doing vs. what you need help with. Remember with the SWOT Analysis to be realistic about your strengths and weaknesses; this will help you distinguish between where your business is vs. where you want it to be. Don’t over think it and over analyze your company.
Check out the training video here: www.more-leads-sales-profits.com/training-video