In our latest creation (the FREE 30 Day Marketing Plan Challenge), we have a dedicated couple of days to focus on your businesses’ SWOT analysis. We’ve already had a few questions from participants asking if this section is necessary, so we wanted to share the top 5 reasons you need one today!
First of all… what is a SWOT Analysis?
SWOT refers to strengths, weaknesses, opportunities and threats. SWOT analysis is a process where the management team identifies the internal and external factors that will affect the company’s future performance. The company’s strengths and weaknesses are the internal factors. Opportunities and threats deal with factors external to the company–environmental factors. SWOT analysis is done as part of the overall corporate planning process in which financial and operational goals are set for the upcoming year and strategies are created to accomplish these goals.
Your SWOT analysis can be done by anyone on your team, but we recommend doing it as a team exercise. Have everyone in your company (depending on size of course) complete their own notes and then have a team meeting to combine and discuss. You will learn so much about your company and it will guide you in the right direction for systemizing processes, identifying things to eliminate or to keep doing, and of course, it helps align your marketing activities for the coming year.
I’ve personally been a part of an entire day dedicated to a SWOT analysis in the past as part of a charity board and it was arguably one of the most productive things we accomplished in ANY of our meetings over the course of a few years. It brought everyone together and really made the board so much stronger!
But enough of me trying to convince you to do one…
You didn’t really think I was done did you?! You should know me better by now 😉
Here’s our top 5 reasons you need one:
- It brings you together! The team exercise mentioned above is a great way to get everyone on the same page. Two minds are better than one!
- You’ll get a pretty good picture of what is working and what is not. When you look at your strengths and weaknesses (both internal factors as in… inside your business), it should give you a clear look at what to do more or less of.
- The new opportunities in the appropriately named ‘opportunities’ section will give you a direct path to new marketing initiatives.
- You can establish a plan for ‘threats’ that are out of your control and be prepared for them!
- you can improve your positioning in the marketplace. When looking at your strengths specifically you will see patterns and you can use this to reinforce your key messages and how you are better (different) than your competition.
Want to join in on the challenge to get the SWOT analysis template? CLICK HERE TO JOIN >>