SWOT refers to the strengths, weaknesses, opportunities and threats that relate to your business. Using a business SWOT analysis can be a simple yet helpful way to identify areas for improvement in your business while also discovering opportunities for business growth. Ascertaining these various influences correctly is important when performing a SWOT analysis and the services of a professional consultant are recommended for more accurate and valuable results.
SWOT analysis diagram
A simple diagram outlining the various aspects of a SWOT analysis is shown below. Note that the strengths and weaknesses of your company are considered to be internal factors, while opportunities and threats lie outside, or are external to your business. Strengths and opportunities are helpful to your business, while external threats and internal weaknesses are described as harmful.
Using market SWOT analysis for your business
If you are using SWOT analysis for serious business decision making then it is important that your results are rigorously examined and reviewed. A well considered and accurate SWOT analysis can be a valuable asset for your business's marketing success. Used in conjunction with a business plan or financial plan and business marketing strategies, a SWOT analysis has the potential to give your business the leading edge it needs over your competition.
SWOT analysis tips
Some things to consider when doing your own business plan SWOT analysis:
Be realistic – are your strengths exaggerated or considered necessary in your field (not really a strength if your competitors all have the same attribute); also make sure you have the resources to exploit the opportunities you identify
Don't stop with SWOT – explore other analytical tools with an expert in the field. Many of these business analysis tools work better together for a larger picture of your marketing environment and capabilities
SWOT analysis can be subjective – the same analysis performed by two different people may produce different results. Having an expert perform your business's SWOT analysis is the best way to ensure a meaningful result.
SWOT analysis template
To assist you and your business we have developed a simple and free SWOT analysis template to help you with your own business SWOT strategy and marketing SWOT analysis. The results you produce can be brought to your business consultant as a starting point for further and more meaningful evaluation.
How Gateway can help
Gateway Financial Partners have been helping businesses with business SWOT analysis and preparing business plans for more than 20 years. Our professionals can sit down with you to help map out the future of your business and offer advice on how to get it where you want it to be. For an obligation-free meeting with one of our partners call us on 07 3226 1800 or complete our online contact form.