A SWOT analysis can help your business determine your strengths and weaknesses to help it grow.
It’s important to recognize where your business stands in brand effectiveness. It’s essential for continuing growth of your company, and to know what’s working for you, your team, and your business. What are you doing to enhance your brand and what are you doing that is reducing it? A SWOT (strength, weakness, opportunity, and threat) analysis works as a frame to understand all of these factors which affect your business. Learn how you can use a 21st century SWOT analysis to help your business eliminate the things that are impacting it negatively and have it grow.
STRENGTH: How can you move your brand forward and onto the next level? If you are consistently making your brand known by coming up with more advanced techniques, you will always be ahead of your competitors because their brand will become obsolete as well. By recognizing your business’s strengths, you can find ways to maximize opportunities that have already been presented.
WEAKNESS: Look at your business objectively. This is the only way you can identify the cracks in your business and is the first step in repairing these cracks. Ask yourself, “What actions can I take to minimize these weaknesses?”
OPPORTUNITY: A little effort here can go a long way. Threats will usually make up more of your time than capitalizing on opportunities. This is why you need a schedule to help you designate specific times to make these opportunities a reality.
THREAT: This is the area that needs your immediate attention. A threat can open and destroy a crack overnight. Reacting slowly will put you back faster than a blink of an eye. Always keep track of outside competitors and opportunities that are being presented to them as well.
Contact Mike Stromsoe’s Unstoppable Profit Producer Program for tips and help on how you can generate new income for your business.