How to do a SWOT analysis to improve your business

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.

Strengths

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.

Related: Big business branding strategies on Read more

3 low-cost marketing trends for the new normal

This article originally published on GoDaddy’s OpenWeStand.org website.

COVID-19 has changed how we live, work and relate. In the small business world, it’s no different. With social distancing measures still in place, brands have downsized or completely scaled back marketing budgets. In the wake of COVID-19, nearly $50 billion globally has been pulled out of the advertising market.

But instead of killing advertising, the pandemic has forced a creative renaissance. Instead of relying on huge budgets and professional shoots, we’re seeing the rise of self-edited, lo-fi, and home-shot content. Whether you’re a small business owner or new entrepreneur, you can take advantage of these new low-cost marketing trends. Below, you’ll learn how large brands have adapted to this shift, and how you can implement what’s currently working for them into your marketing strategy.

Lo-fi/low-cost marketing trends are the new normal

Big budget commercial shoots are nearly impossible to do right … Read more

Side hustle ideas — A beginner’s guide to planning a venture outside the nine-to-five

This post was originally published on Feb. 9, 2018, and was updated on June 6, 2019 and Sept. 8, 2020.

Sadly, it’s rare to find a day job that is both fulfilling and pays well. Add the current economic insecurity on top of that and you might have a sinking feeling in the pit of your stomach. Don’t despair. Today it’s easier than ever to implement a side hustle — that is, a venture outside of the nine-to-five where you pursue what’s important to you and, hopefully, make a little extra cash in the process. It starts with coming up with a few side hustle ideas.

A new term for an old tactic, side hustling is a method many are embracing to make extra income and pursue their dreams.

 

If the venture is planned and launched correctly, you could stand to earn a sizable chunk of money to … Read more

Keep customers watching with IGTV for business

If you’re anything like me, when trying to market your business, you’ll look for every possible avenue to get the word out about what you do and why people need it. You may already be using blogging, Facebook, podcasting, Instagram, Pinterest or a combination of all of the above to spread the message of your company. But, are you using IGTV for business? If not, you could be missing out on hundreds, if not thousands of potential customers.

IGTV is quickly becoming a great way to help your audience get to know you better.

Some of my clients have only recently implemented the use of it, and are already enjoying the ability to engage with their potential customers on a deeper level.

Blogger and influencer friends as well as many of the marketers I admire are also implementing the use of IGTV for marketing their online businesses. I’m so impressed … Read more

How to avoid cyberscams during the COVID-19 pandemic

This article originally published on GoDaddy’s OpenWeStand.org website.

The COVID-19 pandemic closed thousands of businesses, left millions without work, and brought about fear and uncertainty unlike anything many of us have ever experienced. Unfortunately, it’s during these vulnerable times that nefarious scammers look for opportunities to take advantage of others. With all of the worry and stress, how to avoid cyberscams isn’t something that crosses the minds of most people.  

A recent report from the FTC suggests that people have lost more than $13.4 million to fraud since January 1, 2020.

 

Scammers are not just targeting individuals, either. With many U.S. small businesses struggling, cybercriminals are looking at ways to prey on these business owners.

How to avoid cyberscams

With the right know-how, you can protect yourself, your private information and your small business from scammers.

Know the types of scams out there

Scammers are surprisingly diverse and creative Read more