You have probably used the SWOT, or if you haven’t, give it a try. The age-old SWOT analysis is a versatile tool for every business, even for today. Use it as a blueprint to provide valuable insights to make certain decisions, to get an overall view and also to form a better competitive edge. Due to its versatility however, the test is often very subjective. Here’s a little checklist to improve your SWOT analysis.
It’s really easy to go overboard when talking about your own strength. Be realistic and know the limitation of your strength. It’s a good idea to get a third party opinion (i.e – clients, collaborator, etc) via survey or feedback for comparison.
I get it that it’s hard admitting your own weakness. But, it’s much easier to improve your business if you are aware of you’re the present limitations. As the quote goes – “God grant me the serenity to accept the things I cannot change, have courage to change the things that I can, and have wisdom to know the difference.” – Reinhold Niebuhr.
An opportunity does not remain constant. You might have it for a day and you might lose it the next day – like a passing trend wagon that you can jump on. It’s a good idea to update your company policy to be more opportunity-friendly.
Same as above, threat changes over time. Some threats lie in the development of the economy and the condition of the country. It comes in all shapes and sizes. Unlike opportunities, threats happen to stay a while longer.
S-WOT are you going to do about it?
All in all, the swot analysis is a good tool to predict the outcome of your business. The formula has helped countless businesses thrive in success and it could help you.
As you learn more in the business world, your experience matures you as an entrepreneur. Find time to re-look at your SWOT analysis to see the points that you’ve missed when you were younger.