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Is Your Business Under Threat?

Is your business at threat, or on the edge of a glorious opportunity?

Have you ever completed a SWOT Analysis for your business?

Have you ever applied it specifically to your marketing output?

For those of you that completed a commerce or marketing degree are possibly squirming at the memory of conducting a SWOT Analysis as part of your business plan assignments (ah, the sweet memories!).

A SWOT is a powerful tool for businesses and isolated projects. When I conducted a SWOT on my own business, I was so surprised by what opportunities were presented, and how I was able to analyse my weaknesses to find ways to convert them into strengths.

So, what on earth is a SWOT and how can I conduct this for my own business?

Let me explain.

Firstly SWOT stands for:

-      Strengths

-      Weaknesses

-      Opportunities

-      Threats

A SWOT is an opportunity to take a step back from your business – to see the trees from the wood. It allows a satellite perspective of what you are doing well, what you need to improve upon or outsource, and allows a birds-eye-view evaluation that invites analysis and informed strategy.

By observing where your business and your offerings sit within these environments allows a critical observation on the sustainability of your business, and acknowledges those factors that are either helpful or harmful to achieving your businesses objectives.  The degree to which the internal environment of your business pairs with the external environment is expressed by the concept of strategic fit.

Put simply, it is:

  • Strengths: characteristics of the business that give it an advantage over others.
  • Weaknesses: characteristics that place the business at a disadvantage relative to others.
  • Opportunities: elements that the business could exploit to its advantage.
  • Threats: elements in the environment that could cause trouble for the business.

Give the process a go for your own business and note the key observations that could alter what you’re currently doing, to your advantage.

About the author:

Genevieve Claringbold of Satellite Marketing is a S3 Business Solutions Specialist. Gen inspires and educates businesses with the knowledge and strategy to boost your brand and master your marketing. Gen works creatively and strategically with small business, to help navigate and map your bespoke marketing and communications solutions through a range of expertise and ongoing support that will have an impact.

www.satellitemarketing.com.au

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