BUSINESS STRENGTHS + WEAKNESSES
Leverage what your business does well and improve on what it does not.
Everyone has strengths and weaknesses – that's a simple fact of life. We, as humans, continuously change throughout our lifespan, adapting as we learn, grow, and refine ourselves. The same is true of business.
If I could name one single resource that is readily available to businesses that should be utilized, it is this: SWOT analysis. A SWOT analysis helps business owners and entrepreneurs find possible growth opportunities and identify potential threats to their business or industry.
A SWOT analysis is an overview of how your business is currently doing and can provide clues pointing to how it can proceed from there. The acronym SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats.
Among other things, conducting a SWOT analysis can help you figure out new strategies to improve your business model, reach more clients, or enter a niche market. Additionally, identifying and understanding your business's weaknesses can help you identify, create, and implement strategies to eliminate or improve these weak points.
How to conduct a SWOT analysis
Take a step back from the daily ins and outs of your business and try to look at your company objectively.
Set aside some time to look at your business as it is right now, and to reflect on its successes and mistakes to date. What is it doing really well? In which areas could it stand to improve?
The important questions:
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Next steps
Now that you have all of this information, where do you go from here? Or, conversely, who can you turn to for help with identifying all of the factors that have been identified in this article?
Here at BizAcademi, we work with entrepreneurs to build and grow their businesses. With decades of practical knowledge and learned experience, Lana and Linda help startups avoid common mistakes while guiding them down a path to business excellence. To learn more about how BizAcademi can help you achieve your business goals, contact us.
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