This analysis will help you and your company undercover any issues when dealing with both internal and external strategies and ideas. Making sure you have a clear understanding of what a SWOT analysis is important. Please note “SWOT” is an acronym for Strengths, Weaknesses, Opportunities, and Threats. Let us break this down a little more for you.
— Pessimism leads to weakness, optimism to power —
These are the first key indicators you want to look out for, so grab a piece of paper and a pen. Write down everything that helps your company, inside and out. Any expertise on the topic you are providing clients with or maybe your website is designed at a higher degree making competitors appear obsolete. Maybe you have the lowest prices!. In addition, if you have a strong and productive work environment that could be considered a strength as well. Anything you feel makes your company better should be listed in this category. Focus on building trust.
Now it is time to make a list of the negatives or the opposing sides to your strengths list. As many hey experience a lack of resources and knowledge and this can be detrimental to the overall success or online reputation of your company. Having a poor customer experience is never the goal to make sure your employees go above and behind to ensure a client is happy, poor communication can be the end of you. Pay attention to what could possibly hurt you and start devising plans on how you can rectify this, otherwise known as “opportunities”.
Once you have sat down and compiled a list of strengths and weaknesses it is now time to look at your opportunities. This is more of an external focus as you will come to learn. Creating a powerful networking system can assist in many ways. The generation of ads will increase your sites visitor volume and that shows Google and others that people are interested in the content you write about and/or what you provide. Other ways to look at opportunities include:
- Creating a new niches
- Leveraging a new product or service
Lastly, it is now time to evaluate your potential threats (internal/external). Examples would be a competitor is outranking your website online or clients are starting to take interest in other sites over yours. Make sure you keep your information up-to-date, nobody wants to read outdated information. If you do this correctly, you can turn this into a strength quickly. Your threats should consist of all things that can and will harm your company.
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Why should I use a SWOT Analysis?
As a business owner or blogger, you need to know what is affecting your website and how. A SWOT analysis is designed to better help you identify and understand key issues or benefits. This should not offer solutions but simply a list of influencing factors.
After you have completed your SWOT analysis you will have a better grasp of how you can better utilize your resources. Vice versa, you can also pinpoint useless issues you are currently spending time with and reallocate that effort to a more important threat or opportunity. You will start to see operations work smoother as you will be dealing with lesser risk once you have a generalized idea of where you stand amongst your competitors.
What to do After Performing an Analysis.
Once you have listed all of your components within your SWOT analysis it is time to sit down with your team and discuss solution possibilities. Begin by pointing out your strengths and how much power you actually have on the internet. Now take those positives and see what threat you can better improve upon. Going over your options on a monthly basis is a great start. During your performance meetings just go around the room asking everybody what they like or dislike. Taking care of your internal efforts has positive repercussions.
Call us today to see what options you have. One of our very knowledgeable advisors can design a plan perfect for you. Now it is the time you know more about your company. Be in the know and act quickly.