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SWOT! What Are Your Company’s Strengths, Weaknesses, Opportunities and Threats?
Is your organization equipped with a SWOT analysis? If not, it’s probably because you haven’t heard of it!
SWOT analysis is a fundamental technique often used in strategic planning, improving company success, organizational development and identifying competitive advantage. Evaluating these four factors will help you make better decisions and put your company on the path to success.
Start by conducting a brainstorming exercise with a group of individuals in your organization who have the same or similar goals. Remember, a good SWOT analysis takes effort, and the more you put into it, the better you’ll understand your company and how it’s doing today.
Strength: First, write down your company’s strengths. what do you do well What makes you better than your competitors? What do you have or do that sets you apart from your competition? Here are some things to consider:
Size of similar companies in your industry
The client’s perception of your products or service
Industry perception of your “brand”.
Your advantages over your competitors
Accountability, integrity, strong employee loyalty, strong management team, problem solving outside the box, flexibility, camaraderie, sense of urgency, communication, always looking for best practices, motivating employees to play to their strengths, customer/mutual respect, high energy, positive atmosphere, high Level customer service and a solid reputation in the industry.
Weaknesses: Now that you’ve determined how awesome your company is, it’s time to find the weaknesses. The same questions should be asked when looking for weaknesses. What do you do poorly, or not so well? What are other companies doing well? What is holding you back from greater success?
It’s important that you don’t gloss over this section. Since SWOT analysis is a brainstorming endeavor, don’t discount anything that comes to mind and don’t be afraid to point out a weakness because it might hurt someone’s feelings. If you feel weak, list it. Weaknesses that you fail to list may cause some aspect of the business to suffer or fail in the future.
To find some areas of weakness:
Poor perception of your company’s brand
Other companies have advantages
Lack of management or other personnel talent
Lack of automation, getting bogged down in trivial/difficult processes, managers working at staff level, micro management, managers not asking for help without being overwhelmed, need to measure employee work ie quota system, disgruntled or unhappy employees.
Opportunities: When you look at opportunities, let’s focus on external factors. Try to identify areas of business that you think your company should evaluate – opportunities to gain market share from competitors and/or expand your market to include new customers.
In addition to external factors, opportunities within your company should also be considered. Can you streamline duplicate costs and/or move employees to different positions to play to their strengths? What kinds of things can you do better?
Some opportunities to explore:
A new market for services
Financial or legal problems for competitors
You can adopt new technologies
Internal changes to be more efficient
Examples: Empower employees to reach higher levels, Maximize use of technology, Streamline activities across departments, Analyze and reposition employees to play to their strengths, Get more business from existing clients, Stand out in your industry, Cross-train employees, Employees And build your brand to appeal to both customers.
Threats: Finally, consider the risk to your company. Again, threats can be internal as well as external. In fact, sometimes internal threats come first, opening the door to external threats. Therefore, a good risk analysis is very important.
Insider threats are not usually classified as such, which can be a mistake. Any internal issues that threaten your company’s well-being should be evaluated alongside external threats.
Some potential risks are:
Technological advances in the industry (are you keeping pace?)
Weaknesses in personnel/departments
Leadership divided, not living up to mission statements, managers becoming territorial, teamwork giving way to personal agendas, managers being overwhelmed/burnt out, acquiring or continuing unprofitable businesses, not understanding the competition, falling behind in technology, retention. Employees who won’t contribute to success, can’t manage aggressive growth well, and fail to keep fees/prices competitive despite being highly profitable.
After you have completed these exercises, assign a leader in the organization for each category who, along with their team, will be responsible for maintaining it (such as strength); correcting it (such as a weakness); to act upon (as an opportunity); and protecting against (such as threats).
The group should then meet again every six months to analyze the SWOT and revise it according to the realities that emerge at that time.
Do you know what your company’s SWOT is? If not, now is the time to find out!
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