Why Your Business Needs A New SWOT Analysis
You did your SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis when you started your business, right?
Guess what? It’s time to do it again.
Why? Because things have changed dramatically in the last 18 months with the impact of COVID-19 so it’s time to take another look at the competitive landscape and see where you might be missing out.
With the widespread move to online (learning, meeting, transacting, etc) is your website and accompanying digital marketing up to scratch?
What about your public liability insurance when it comes to employees who are working from home? Things like IT security when employees are using unsecured internet connections can present real threats to your business.
Business Consultant Debbie Roberts explains: “A SWOT analysis is a simple but extremely effective way of figuring out where your business is winning – but also where it might be lagging behind. It’s about applying critical, objective thought to the ways your business has adapted to the new landscape, and taking into account things like changes to tax laws, employee assistance programs and grants, and even things like where and how you conduct your meetings.
“I have been helping businesses with SWOT analyses for over two decades. While the theory behind it hasn’t changed that much, the technology that delivers certain things – Zoom, Canva, Wave, Square, Slack and Trello – the list goes on – has really changed the game.
“The benefit of hiring an expert to help you update your SWOT is the power of brainstorming. I will ask you questions you may not have thought of, suggest things you may not know about and generally apply my specific knowledge of the business environment in the local area, NSW and nationally to help you solve your biggest challenges,” says Debbie.
So what do you need to include in a solid SWOT analysis? Here are a few things to consider:
- Finances – What is my financial position in terms of cashflow, debt and access to capital?
- People – Do I have the right people with the right skills in the right jobs?
- Marketing – How do people find out about my business and its products and services? And what is the path to purchase?
- Assets – What do we own that supports or strengthens the business?
- Politics – Are there any changes to laws that I need to know about?
- Technology – Am I using the best technology available? What am I paying for the technology in my business?
- Competitor analysis – What are my closest competitors doing? Are they launching any new products or services? Are they deleting any products or services?
- Economy – What are interest rates doing? How has consumer spending changed over the last year?
Here’s a checklist that covers all the major areas.
The most important thing to glean from a SWOT analysis is exposure to risk that you may not have identified due to changes in the marketplace. Whether it’s changes to the Privacy of Information Act or even things like the way you invoice, it’s helpful to conduct a thorough analysis of your businesses processes, procedures, operating environment and customer satisfaction to really know where you stand and ensure you are fully compliant.
Do you need help to conduct a SWOT Analysis? Get in touch