Every company needs a starting point before it can embark on a journey
Therefore, it is important that you always take a moment to reflect on how your business is doing both internally and externally.
The SWOT analysis allows you to do this in an easy way in order to identify the current Strengths, Weaknesses, Opportunities and Threats.
One great advantage of conducting a SWOT is that it does not require technological innovation. A white board, a black marker, and you and your team fully focussed on reviewing the business is all that you need to begin.
How To Do The Best SWOT Analysis For Successful Marketing Growth
On your white-board draw one line down the middle and then draw another line across the middle so that you are left with 4 blank spaces. In the top left put the heading strengths, top right put weaknesses, bottom left put opportunities and finally in the bottom right put threats as per the diagram below.
Designate one person to be responsible for capturing the information onto the board, and then begin to critically review the business both internally and externally under each of the headings by brainstorming together.
When everyone involved believes each section has been exhausted the information should be collated, documented and then strategically reviewed by the team.
While it sounds simplistic, I would ask you not to judge until you have tried it a few times.
Why Should The SWOT Be Part Of Developing Your Strategy?
One of the key things I have learned from doing these is that you begin to see clearly how a weakness, if not treated, could get worse and could become a potential threat putting an opportunity and/or a strength in jeopardy.
For example, if you have identified that one of your businesses strengths is customer service yet a weakness is staff education or morale, eventually if this is not tackled the levels of customer service could become affected if the staff feel the company does not care about them or their contribution.
Even though the SWOT analysis is a simple tool and possibly deemed old school, I do believe it is still valuable to use not just at a business planning stage, but at various business growth points to ensure the path proposed for the business can, and is, still been followed.
But a word of warning.
This tool like anything else will only be useful to you and your business if you actually fully review and put into action what is discovered.
Simply writing words on the board which is then left to gather dust is just as useful as doing nothing in the first place.
If you would like to know more details on how to do a SWOT analysis check out this great article by Tim Berry
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Phillip (The Curly Marketer)
Thank you to freepik.com for the header image used in this post