Business SWOT analysis:
Strength, Weakness, Opportunity, Threats
Just like a Personal analysis, we can perform a Business SWOT analysis to see where we need to train. The basis of this analysis is to be honest with yourself regarding where your company is doing well and where you are weak. Knowing your weaknesses will help you focus to be better in these areas of weakness. If you avoid these areas you will not be able to overcome them.
The four boxes below are for you to fill in (being honest with yourself) about what where your business is doing well and where we could use help. For an example, If you do not have the correct people in place to perform at the high level that you want, this will help you determine where you should be focusing your time. Do we need more internal training, or do we need to hire more skilled workers to get us better in this area.
We first look at your strengths of where we excel. This may mean you go after more of this type of work. Next, we look at your weaknesses. These weaknesses may be the most important part. If we do not know our weaknesses we are not being honest to ourselves. Knowing your weakness will determine where we need to focus, this could be training, more staff needed, or what ever your analysis tells you.
Turning that weakness into a strength is what will make your company stronger.
This is an example of what you may have for this situation. Once you have looked over the SWOT analysis you need to go back to your goals and make sure they are aligned properly with what you want and what you need to do.
| Strengths We have a great reputation We have great Guarantee’s We have excellent customer service | Weakness Lack of experience Lack of vehicles |
| Opportunities Growing market in our field New subdivision developing | Threats Other quality companies Cheaper competition
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Looking over the SWOT analysis, do you see anything that you may need to work on? Remember you have to be honest with yourself to move forward even if you don’t like the results. The good news is if you know the weaknesses, you can work to repair the weakness and make it a strength.