Some people have a hard time admitting things they just aren't good at. For others, they can't see all of the wonderful skills they have. And no one wants to face the challenges and forces against them and their business.
That is why a SWOT analysis is so vital to any plan you develop for your business, especially marketing and public relations plans. As an entrepreneur, knowing where you excel and where you need support is essential to the success of your business.
So, what is a SWOT analysis?
Strengths (internal)
What are your strengths? What attributes do you offer your business that make it stand apart from other businesses? These are the things you need to focus on and spend most of your time doing.
Examples: sales presentations, networking, writing
Weaknesses (internal)
What are your weaknesses? Include tasks or skills you just don't like doing. Be honest here. If you aren't great at something, list it as a weakness so you are at least aware of things that could be harmful to your success. These are tasks or skills you should avoid doing, or find someone to handle these for you, if possible.
Examples: public speaking, cold calling, face-to-face sales pitches, graphic design, accounting/bookkeeping, social media
Opportunities (external)
These are outside forces that support your business or are helpful in achieving your success.
Examples: few competitors in market, increase in demand in market, recent legislation or funding in your business area
Threats (external)
Outside forces that endanger your business.
Examples: current economic situation (which could be an opportunity for some industries), competition, narrow niche market
A SWOT analysis provides a strategic look into forces that directly impact your business. Being aware of your position allows you to take action against that that hurt your business while focusing on your strengths and opportunities.
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