SWOT Analysis Framework to help Entrepreneurs take smart, informed decisions for their business ventures!
What is SWOT Analysis?
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It is a business analysis framework that helps you make smart, informed business decisions.
Why should you do a SWOT Analysis?
A SWOT analysis gives you an overview of your venture/business as a whole or a specific product. It can also help you in considering every factor that could affect your project or business. When you want to take a new step to grow your business, when you’re facing a tough issue or if you’re just unsure of your current strategy, a SWOT analysis throws light on the details so you can formulate actionable plans based on each of the four elements.
SWOT Analysis can help businesses to maximise their resources, create winning strategies, and leverage available technologies.
How to do a SWOT Analysis?
Create a 2x2 grid. Start with strengths in the upper left corner, then weaknesses in the upper right corner, opportunities in the bottom left and threats at the bottom right of the grid.
Next, fill in each quadrant. An easy way to do this is to ask yourself questions that apply to each box.
What do you do well?
What unique skills or services do you have?
What do you do better than your competitors?
Where are you most profitable? Why?
What aspects of your business could hinder your progress?
What skills or resources are you lacking?
What is costing you money?
Is there anything you feel like you’re failing at?
What can you improve?
What external conditions can help you achieve your business goals?
Are there new customers you could potentially reach?
Is there technology you could use to enhance your business?
Can you do more for your existing customers?
Where or how could you expand your business?
What external conditions could damage your progress or performance?
What do your competitors do well?
What are your competitors doing that you are not?
What is going on in your industry?
Are there new competitors in your market?
Is your target audience shrinking?
How often should you do a SWOT Analysis?
This analysis can be performed every 6 months with the help of your colleagues or your family/friends.
SWOT Analysis is applicable for any kind of business and be it small, medium or large. Thinking strategically is the key and helps in growing and taking the right decisions for your venture!
About Maheela Power
Maheela Power is a social digital venture to empower Women entrepreneurs. It is a community-based eco-system of women entrepreneurs.
maheelapower.com is an online shopping marketplace where unique, handmade/homemade products made by talented women are sold.
biz.maheelapower.com is a structured online talent directory to help consumers to easily search, discover and connect with small-sized businesses and women professionals.