One of the most effective ways to create a SWOT analysis is by asking yourself certain questions regarding the four elements of SWOT. Below is a set of questions you can easily use to create your own SWOT Analysis.
- What are your assets?
- Which one is the strongest?
- What differentiates you from competition?
- Is your business debt free? Or are you personally debt free?
- Do you have any specific sales/marketing experience that can help you grow a client base quickly?
- What expertise do you lack?
- In what areas your competition might be better?
- Do you have a steady cash flow to keep the business afloat?
- Do you have any debt?
- Is your business idea changeable, adaptable or are you fixed to one idea only?
- What (possibly new and emerging trends) might impact your industry?
- Are your competitors failing to service the market properly?
- Are there any new trends you could use to leverage new services?
- What external changes might present new opportunities?
- Is there any demand on the market no one seems to be fulfilling that you could use to your advantage?
- Is there a better equipped competitor on the market?
- Do you have to rely on 3rd parties for crucial aspects of your service?
- What new developments might affect your customers’ situation?
- What if your supplier runs out of their stock, do you have plan B?
- What if your main marketing idea fails?
Some of these questions are difficult to answer, I know. Some require you to look at some aspects of the market you possibly wouldn’t like to know about (better competition, your finances, your personal debt that might affect the future of your business and so on). Others might reveal what you don’t know about yourself, or your idea and that is all the point of it.
Give honest answers to all those questions and you will better understand the nature and the environment your business will be facing.
What to do with a SWOT analysis data
Well, the real work starts once you have your SWOT Analysis right in front of you. Now is the time to think how you can leverage your strengths, minimize or even eliminate the weaknesses, overcome the threats and use all the opportunities to your advantage.
What I always recommend is to make a list of actions you should take on each of those items and simply work on them one by one. This will ensure that you will tackle them all, maybe even before your company launches (that is what I plan to do).
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