The end of the year is the perfect time for a SWOT analysis. Instead of blindly moving forward into the new year, start your planning process with a clear view of your business.
What is a SWOT Analysis
SWOT Analysis is a planning framework that looks at a business’s internal strengths and weaknesses and external opportunities and threats to fully evaluate how you operate. After the analysis, you can effectively set goals and put the action steps in place to accomplish them.
A SWOT Analysis is useful if you are:
- Considering a new enterprise in the new year
- Having conflict with family or team members about the direction of the business
- Looking to streamline operations
- Ready to make any major change
How to do a SWOT Analysis:
- Gather a team. SWOT analysis works best with multiple opinions in the room such as ownership, management, and trusted customers or collaborators.
- Fill out your SWOT template. Set a time limit for each column and during the time list as many strengths, weaknesses, opportunities, or threats as possible. Remember that strengths and weaknesses are internal and opportunities and threats are external to the business.
- Rank the items in each column to determine your top priorities for goal setting.
- Set goals for the year and create an action-based work plan that will allow you to accomplish them. Break the year into three-month segments with achievable short term goals to keep you on track.
Why Do A SWOT Analysis:
You don’t know what you don’t know. A SWOT analysis allows you to clarify your direction, identify where you need help, minimize your weaknesses, and know how to capitalize on your strengths.
Uncovering the truths of your business is the first step towards a more fulfilling, productive, and profitable year.
Resources
Kitchen Table Consultants has created a clearly defined process for conducting a virtual SWOT analysis. We are happy to share our guidelines document and SWOT template to aid you in conducting your own SWOT analysis.
- SWOT Analysis Guidelines – Use this document to prepare for your SWOT analysis and make sure you get the most out of it.
- SWOT Analysis Template – Make a copy of this document and fill it in to complete your SWOT analysis, decide on goals, and plan the action steps to make them a reality.