I’m guessing you have heard of the SWOT analysis where you identify the Strengths, Weaknesses, Opportunities and Threats of your business.
I wrote an article on how you can conduct a SWOT analysis and use it to improve your business, but this week I wanted to really help you to dive deep into your business and conduct a multi-level SWOT analysis on your business.
First, let me explain for the uninitiated.
A SWOT analysis is a critical tool to analyse where your business currently stands in various performance areas. It is used as a key stage during the business planning process.
Strengths and weaknesses are internal characteristics, within your control to develop or eliminate. Opportunities and threats are external influences like the economy, legislation or natural disaster which you cannot control but can to manage their effects.
An analysis of the strengths, weaknesses, opportunities and threats of your business will help you to identify strategies to improve on strengths and take advantage of opportunities, as well as eliminate weaknesses and mitigate against threats, and thus improve your business performance.
However, did you know that you can use the SWOT analysis to dive deep into every part of your business and develop immediate tactics as well as longer-term strategies to correct weak areas and build up strong ones?