Are you ready to find your secret sauce, and skyrocket your sales?
Do you want to figure out what that special thing is that gives you an unfair advantage over your competition?
Then you need to do a SWOT.
What the heck is a SWOT you ask?
SWOT stands for strengths, weaknesses, opportunities and threats.
And it's one of the quickest ways to find opportunities that you can use to grow your business exponentially.
A SWOT analysis is a framework used to evaluate where your company stands among the competition, and in the marketplace, and helps you develop your strategy moving forward.
By looking at the internal strengths and weaknesses of your company, you can identify areas that need work, as well as those that give you a unique value proposition for your customers.
Externally, you can look at your competitors as well as the market conditions, and examine needs that may not be currently filled for your customers, trends that you can take advantage of, and so much more.
How do you do a SWOT Analysis?
We have put together this FREE workbook for you to download below.
The free download also has the grid that breaks down what types of things would be included in each section of your SWOT.
But let’s talk through it here as well:
Strengths – Internal Factors
What does your company do well?
What do you do better or differently than your competitors?
What assets do you have, like special processes, owned property or capital, or proprietary software?
What internal resources do you have, like skilled workers, efficient processes, low overhead?
Weaknesses – Internal Factors
What needs improvement?
What your competitors do better or differently than you do?
What resources do you lack?
What internal weaknesses do you have, like low quality training, poor morale, or gaps in your processes?
Opportunities – External or Internal
What changes in the market are positive for your company? Is there increasing need?
What is the competition doing that you can capitalize on, or is there lack of competition?
Are there markets that are under served?
Is there technology you can utilize to improve efficiency, reduce costs, improve service etc?
Threats – External or Internal
Is the market trending away from your product or service?
Is there new competition arriving in your market?
Are there changing regulations that affect your company or customers in a negative way?
Is there negative media coverage?
Get it on Paper
You’ll want to go through and write down your answers for each of the four parts.
Go through each section and fill it out as it best applies to your specific situation.