How a 10 minute exercise can *potentially* save you thousandsSep 16, 2021
It’s called a SWOT analysis – and if you’re not using one semi-regularly, you’re doing yourself (and your business) a massive disservice.
SWOT stands for strengths, weaknesses, opportunities, and threats.
Basically, a SWOT analysis is used by businesses to better understand what they’re (actually) great at, and where they need to improve.
On paper, this can be broken down into a straightforward - looking matrix with four quadrants.
Take a pause in your workday to map this out on paper.
Ask yourself questions like:
- What business processes are successful?
- What assets do we have in our teams? (ie. knowledge, education, network, skills, and reputation)
- What physical assets do we have, such as customers, equipment, technology, cash, and patents?
- Are there things that my business needs to be competitive?
- What processes need improvement?
- Are there tangible assets that we need more of, such as money or equipment?
- Are there gaps on the team that need filling?
- Is your market growing?
- Is consumer behavior changing in a way that could negatively impact your business?
Draw in your teammates to help fill it out if you need to.
You’ll now be able to reassess your day, week, month, or even the next quarter with a greater sense of clarity – and hopefully move forward to better maximize your potential for success while minimizing your potential for mistakes.
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