{"id":5771,"date":"2023-10-25T15:59:24","date_gmt":"2023-10-25T15:59:24","guid":{"rendered":"https:\/\/www.cmrfocusandgrowth.co.uk\/?p=5771"},"modified":"2023-10-25T15:59:24","modified_gmt":"2023-10-25T15:59:24","slug":"simple-swot-analysis","status":"publish","type":"post","link":"https:\/\/www.cmrfocusandgrowth.co.uk\/simple-swot-analysis\/","title":{"rendered":"Simple SWOT Analysis"},"content":{"rendered":"

What’s SWOT, it’s not nerdy, that’s what!<\/h1>\n

To enjoy the process of being in business, one key activity guaranteed to bring the shoulders down, is a SWOT Analysis.<\/p>\n

Why? because it allows you to quickly tap into 4 key areas of business health.<\/p>\n

Much like we listen to our head, body, heart, as a measure of personal health.\u00a0 This is a health check for your much loved business.<\/p>\n

Grab a pencil and paper, a square split into 4 smaller squares on your computer and take time to read through the 4 statements below.<\/p>\n

Then the questions that follow on.<\/p>\n

All of the below areas form part of your Business Model<\/strong>, and if you haven’t started this yet, here<\/a> is a link to my article on business modelling.<\/h4>\n

Mark out a square with a cross in the centre and put strengths, weaknesses, opportunities, and threats into each square.\u00a0 And start to brainstorm.<\/p>\n

I would highly recommend you do this with someone also in business.\u00a0 Giving you another head for creativity, innovation, and questions you may shy away from.<\/p>\n

Strengths<\/h3>\n

These are the unique advantages and internal capabilities that give your business a competitive edge in the market.\u00a0 A strong brand reputation, innovative products or services, or exceptional customer service are just a few examples.<\/p>\n

By identifying and capitalising on your strengths, you can strengthen customer loyalty and build a solid foundation for growth.<\/p>\n

Weaknesses<\/strong><\/h3>\n

As we know, no business is flawless, so there will be areas where you may face challenges or fall short of your potential.<\/p>\n

It could be outdated processes, skill gaps, or inadequate resources.<\/p>\n

And by acknowledging these weaknesses, you can establish targeted initiatives for improvement, adopt new technologies, and enhance your operational skills.<\/p>\n

Opportunities<\/strong><\/h3>\n

These are important external factors that can contribute to the progress of your business.<\/p>\n

Such as emerging markets, technological advancements, changes in buyer behaviour, or gaps in the market that your business can fill.<\/p>\n

By seizing these opportunities, you can expand your market reach, align your product offerings, create key partnerships, or even venture into untapped markets.<\/p>\n

Threats<\/strong><\/h3>\n

Unpleasant as they are, we need to understand what is beyond your control and could pose challenges to your business.<\/p>\n

Such as, increased competition, economic insecurity, changing regulations, and even changing market trends are examples of threats.<\/p>\n

By proactively assessing and addressing them now, you can develop contingency plans, adjust your strategies, and minimise their impact on your business.<\/p>\n

To help you work through the SWOT analysis here are some helpful questions.<\/h3>\n

Strengths in SWOT <\/strong><\/p>\n

Think of your value offerings that are performing well.<\/p>\n

Examining these areas helps you understand what\u2019s already working. You can then use the techniques that you know work\u2014your strengths\u2014in other areas that might need additional support, like improving your efficiency.<\/p>\n

When looking into the strengths of your business, ask yourself the following questions:<\/p>\n