Recruit additional points of view from friends who know a little about your business, your accountant, or even vendors and suppliers. If you’re starting or running a business on your own, you can still do a SWOT analysis. Innovative companies even look outside their own internal ranks when they perform a SWOT analysis and get input from customers to add their unique voice to the mix. Everyone should have a seat at the table. Select people who can represent different aspects of your company, from sales and customer service to marketing and product development. For best results, you’ll want to gather a group of people who have different perspectives on the company. This isn’t a task that can be delegated to others.īut, company leadership shouldn’t do the work on their own, either. Who should do a SWOT Analysis?įor a SWOT analysis to be effective, company founders and leaders need to be deeply involved. You’ll look at your strengths and weaknesses, and how you can leverage those to take advantage of the opportunities and threats that exist in your market. You may think that you already know everything that you need to do to succeed, but a SWOT analysis will force you to look at your business in new ways and from new directions. When you take the time to do a SWOT analysis, you’ll be armed with a solid strategy for prioritizing the work that you need to do to grow your business.
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Go ahead and download our free template if you just want to dive right in and get started. Examples include competitors, prices of raw materials, and customer shopping trends.Ī SWOT analysis organizes your top strengths, weaknesses, opportunities, and threats into an organized list and is usually presented in a simple two-by-two grid.
You can take advantage of opportunities and protect against threats, but you can’t change them. Opportunities and threats are external-things that are going on outside your company, in the larger market. Examples include who is on your team, your patents and intellectual property, and your location. Strengths and weaknesses are internal to your company-things that you have some control over and can change. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
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What Is a SWOT Analysis and How to Do It Right (With Examples) Posted FebruBy Noah ParsonsĪ SWOT analysis is an incredibly simple, yet powerful tool to help you develop your business strategy, whether you’re building a startup or guiding an existing company.
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