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Thinking of expanding your small business or adding new products or services? Before you take the leap, it’s a good idea to perform a SWOT analysis to help you size up the competition, discover viable opportunities, and identify and leverage your strengths. Read on to learn more about what a SWOT analysis is and how it can help your business grow.
What is a SWOT Analysis?
The acronym SWOT stands for:
A SWOT analysis is a process that helps businesses pinpoint their strengths, weaknesses, opportunities, and threats by looking at both internal and external factors. Once you’ve completed the analysis, you can use the information you’ve uncovered to help you determine how to use your strengths to maximize your opportunities to grow your business. You can further use what you’ve learned to help you minimize your weaknesses and avoid potential threats in the future.
How Do You Do a SWOT Analysis?
A SWOT analysis is generally performed by creating 4 grids on a piece of paper, whiteboard, or electronically.
You and your team will get together and brainstorm answers to the following questions for each grid and input them in each of the respective sections. Here are some questions to get you started:
Some examples of strengths could be a good location, positive company culture, access to capital, skilled employees, strong leadership, or a patent.
Some examples of weaknesses could be a high employee turnover, lack of expertise in certain areas, a poor reputation, or a lack of capital.
Some examples of opportunities could be implementing new staff training, the chance to acquire a competitor, new technology you can take advantage of, taking courses to broaden your team’s skillset, or a favorable change in the market.
Some examples of threats could be new regulations, natural disasters, potential cybersecurity attacks, or rising costs of supplies or materials.
How Can a SWOT Analysis Help My Business Grow?
Conducting a SWOT analysis helps you gain valuable insights and uncover new opportunities. Reflect on what you’ve learned and use that information to help you improve operations, increase efficiency, plan for the future, and grow your business. Truly understanding your strengths and weaknesses and those of your competitors will help you gain a deep understanding of how to best position your company for sustained growth.
Finally, examining your weaknesses will help you identify and mitigate risks by creating contingency plans to deal with potential threats before they occur.
Ready to Grow?
SBG Funding can help you seize opportunities and grow your business with access to financing that is not limited by the same time-consuming, stringent regulations as traditional banks. For more information about how we can help your business grow, click here or call us at (844) 284–2725.
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