If you’ve been in business for a while or if you follow the corporate world, you’ve probably come across the term SWOT analysis. SWOT analysis is a technique that you can use to examine and evaluate your business or your company and get a better understanding of your position in the industry. Not sure of how to do a SWOT analysis? We can help you out.
What is a SWOT analysis?
Before we dive into how to conduct a SWOT analysis for small businesses, let’s go over what a SWOT analysis is.
SWOT analysis involves identifying your company’s Strengths, Weaknesses, Opportunities and Threats. Here’s what each of those elements means.
Identifying your strengths involves understanding the things your company does exceptionally well.
This can include having a memorable and relatable brand, offering a particular service or product or providing fast customer service.