The SWOT Analysis Diagram

A couple of years ago, I was introduced to SWOT analysis for my CGP business at the time. Ever since it has been a great tool to have as a business owner and I’d like to share it with you especially if you have never been made aware of it. 

What is SWOT? It stands for Strengths, Weaknesses, Opportunities, & Threats. Let’s be honest, every business and start up have these four things in common. With time, they will vary and some will have more than other but you will ALWAYS have them. No matter how small or big the business maybe.

How to use SWOT?

Strengths: Focus on traits that make your business strong. It maybe behind the scenes intangibles like leadership or a great team. Or it can a strong R&D team that enables you to produce great product.

Weaknesses: It’s hard to admit but it’s crucial to your business’ growth. Take a look into your financials and management. Often times, these 2 areas are filled with areas to improve. (ie. Making sure your margins are great. Hiring the right team)

Opportunities: During team meetings or if you are a soloprenuer, take time to analyze what opportunities lie ahead. This is a good time to strengthen areas that are good but can be better. It can be in your customer service dept. or fine-tuning how you bring in a customer. 

Threats: They will always exist and truth be told, it’s the engine that bring innovation to companies if they take it serious. Threats can be found within the organization and with outside competitors. Take them all serious.

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