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In this post, I’ll discuss the last element of SWOT: Threats ThreatsFinally, you need to look at the threats to your business. Although we don’t like to think of them, we all face threats in our business. Many times, threats are out of our control. These can be a downturn in the economy (such as we have recently experienced), a shift in market demographics, or perhaps a new super store opening in your local area. It is vital to think about and be prepared for such events. In this post, I’ll discuss the next two elements of SWOT: Weaknesses and Opportunities. WeaknessesNext take a look at your company’s weaknesses. This is not only from your perspective, but also from your competitors’ perspective. Yes, it is sometimes tough to think about your weaknesses. But to clearly understand your competitive advantage, you must be honest with yourself now and face any unpleasant It’s sometimes difficult to think about and discuss your weaknesses, but it is best to be realistic now and face any unpleasant truths so they can be resolved as soon as possible. As every business owner knows, success in business means offering something more compelling, more enticing than the competition. This article will help you measure your strengths against your competitors. I also offers strategies and recommended solutions to take advantage of opportunities in the marketplace. SWOTThere is a basic formula for analyzing your competition: SWOT. This is an acronym for Strengths, Weaknesses, Opportunities and Threats. Within each area, there are questions you need to ask. You may not be able to answer all of the questions at first, just make sure you take the time to find the answers. Also, consider involving your partners, employees, colleagues to help. Those answers are your keys to placing yourself above your competition. In this post, I’ll discuss the first area to analyze: Strengths. |
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