If you’re a startup or a small-business owner, you might be wondering if spending your time working on a SWOT analysis is practical. Well we’re here to tell you that it’s definitely worth your brainpower. (Hold up… what’s a SWOT!? We got you. SWOT stands for strengths, weaknesses, opportunities, and threats.)
The strengths and the weaknesses you list are areas within your business you have control over. So, by creating this chart, you can see where you have an opportunity to excel and where you have areas to improve.
A SWOT analysis is unique to your business, but the format of a SWOT stays the same. Here are the basics:
- Be realistic. This isn’t a dating profile. Don’t fluff yourself up. Be honest about your strengths and weaknesses. Relate those strengths and weaknesses to critical success factors and quantifiable data.
- Prioritize important items. What will move your business forward?
- Keep it short. One page is all you need.
Create a SWOT Analysis for your top 3 competitors as well, and you’ll have an even better understanding of how you can stand out in your industry.
If you need some help with your SWOT, the wizards at 29 would love to help.