SWOT analysis is used regularly in business. But how can you take full advantage of it?
What Is SWOT Analysis?
SWOT analysis is a method to work out strengths, weaknesses, opportunities and threats. As a result, it can help you make decisions which will improve your business and achieve greater success.
How Does It Work?
It works by allowing business owners a chance to see what is going on in their business. As a result, the business may have strengths which it can leverage to increase profits. On the other hand, there may be weaknesses which are bringing the company down and pulling it back, preventing it from moving forward. Also, there could be opportunities which have arisen which will benefit the business. One other thing which a business needs to keep an eye on is the threats and ensure there is a risk assessment plan in place.
How Often Should A SWOT Analysis Be Carried Out?
Every month. I have never read this advice before anywhere, but I swear by it. I think it works better because businesses can change dramatically. Also, internal and external factors can change day to day, therefore, leaving it longer than a month is not enabling you to take full advantage of your position, and it can put you at risk. You should also carry out a SWOT analysis whenever there is a change in your business, or if you are launching a new product or service.
How To Carry Out A SWOT Analysis?
The best way to carry out the analysis is by using the template below.
So there you have it, this is how to take full advantage of this method. If you would like any more information on this topic, be sure to let us know. Also, click here to read more educational articles.