If you’re ever having problems or feel muddled and confused over your business and what direction it’s going, it’s time to sit down and strategically analyze what’s going on. It’s easy to get caught up in business problems and the emotional aspects involved. You may fall into worry, uncertainty, fear or poverty thinking. However, taking a logical and systematic approach can help clear things up and allow you to get in touch with your business savvy confident and inner faith. So, how can you analyze your business in a quick and easy way? Conduct a SWOT analysis. A SWOT analysis analyzes strengths, weaknesses, opportunities and threats. By utilizing a SWOT analysis, you can organize the understanding of your business right now in four easy parts.
1. Take a piece of paper and fold it twice, so that there are four boxes. On the top left box, write strengths. On the top write box, write weaknesses. On the bottom left box, write opportunities. On the bottom write box, write threats. You can also do this on your computer.
2. Write in your strength section. List off all the strengths that your business has right now. Strengths are internal. This could include reputation, operational processes and other aspects.
3. Write in your weaknesses section. List off all the weaknesses that your business is experiencing. This could be weak employee output, low profits and more.
4. Write in your opportunities section. List off all the opportunities that your business is experiencing. The difference between strengths and opportunities is that strengths is internal and opportunities is external. Examples of opportunities includes, new clients, free marketing offers and more.
5. Write down your threats section. These are external threats that could include competition or other external challenges that your business may be experiencing right now.