A SWOT analysis is key to strategizing around threats and overcoming company weaknesses. A SWOT (strengths, weaknesses, opportunities, and threats) analysis involves assessing your advantages and disadvantages toward goal achievement and business growth.
FocalPoint Business and Executive Coach of Milwaukee, Wisconsin, Kerrie Hoffman, will assist you in incorporating a well-developed SWOT analysis into your strategic planning process. A professionally-developed SWOT analysis will help you effectively review your resources, processes, and products or services to discover how to capitalize on your strengths.
Insights Using a SWOT Analysis
Understanding your strengths and weaknesses allows you to use your company’s successes to continue to profit while compensating for your weaknesses. It is critical to receive feedback from employees, customers, partners, and vendors about your sales, marketing, pricing, and more. Getting insight from multiple sources offers more possibility of discovering aspects of your business you didn’t know were posing challenges to your growth!
Next, be open to seizing opportunities! Learn about new market and customer trends and pay special attention to the changing needs of your customer base. Be willing to use this opportunity to create the product and services they need that other businesses haven’t adapted to yet!
Finally, identify the internal and external threats to business growth. Are your expenses higher than your sales revenue? Or is an external threat – such as rising interest rates – an obstacle to scaling your business?
Other Factors to Consider in SWOT Analysis
Several external factors influencing the marketplace may pose opportunities and threats, not just from your competitors! Changing lifestyle trends, changes in consumer expectations and demand, new and advanced technology, inflation, sector regulation, and ethical governing policies are just some of the external factors influencing the direction of your business.
Additionally, what may pose a threat to one company is another company’s opportunity for growth! For example, as more consumers demand transparency in using ethical social and environmental processes and practices, companies investing in Leaping Bunny and B Corp certifications will gain the support of a new and quickly-growing customer base. Companies that cannot or will not receive these certifications will miss the opportunity to capitalize on this growing customer demand.
Objectively identifying internal factors can be difficult without a facilitator. Hiring a business coach guarantees a professional assessment of your company! Kerrie Hoffman will help you identify your strengths, weaknesses, and threats using a survey rating of several aspects of your business, including business practices, organizational structure, the effectiveness of your executive team, capabilities of employees, and more.
You will gather the insight and information yto create a resourceful and purposeful strategic plan. Contact the Business and Executive Coach of Milwaukee, WI, Kerrie Hoffman! Reach her by calling 1-262-290-0650, emailing her at khoffman@focalpointcoaching.com, or taking the Executive Leadership Score assessment!
