A SWOT analysis is a great tool that makes it easier to think about every aspect of your business's strengths, weaknesses, opportunities and threats.
The point is not just to make a list, it's to use this list to help you start list of ghana whatsapp phone numbers thinking about what you can do to amplify your strengths and opportunities, and mitigate the risks associated with your weaknesses and threats to your business.
We recommend that you invite others on your team to the SWOT process such as your sales mentor, partner and marketing.
As a founder or owner, you probably know more about your business than anyone else. But the deeper you dig, there are bound to be some blind spots.
Getting others to share their perspective is a great way to make sure you don't miss anything important so you can come up with a strategic plan that actually works.
Before developing viable strategies
Your SWOT matrix must be complete. At the beginning of the challenge, you probably downloaded the SWOT matrix template . It is easier to use if it is in this format rather than on sheets of paper.
Use bullet points. Everything in your analysis should be in bullet point format. You don't need complete sentences.
Summarize each point. Each bullet point should be short, a few words will do. Simplify your points if you need to.
Refine your information. If you've come up with a list for each of your strengths, weaknesses, opportunities and threats, it's time to refine the information. Check for redundancies, combine some bullets where necessary, and remove any information that isn't vital.
Prioritize your information. It's time to go through each section and categorize the information. Put the most important or pressing item at the top of each square.
From SWOT analysis to TOWS analysis
A list of strengths, weaknesses, opportunities and threats is a useful business guide, but you'll want to take this exercise a step further to create strategies and plans to improve your business.
The exercise you are about to do is called a TOWS analysis .
It helps you make connections between each quadrant of your analysis. You'll work around the square, combining information from two quadrants to create actionable strategies.
Here's how:
Strengths-Opportunities. Use your inner strengths to take advantage of opportunities.
Strengths-Threats. Use your strengths to minimize threats.
Weaknesses-Opportunities. Improve weaknesses by taking advantage of opportunities.
Weaknesses-Threats. Work to eliminate weaknesses and thus avoid threats.
The chart below is an excellent visual explanation of the TOWS exercise:
TOWS analysis
As you answer these questions, you will begin to create actionable strategies.
For example, if one of your strengths is that you have an experienced grant writer on your team, you should put that person in charge of taking advantage of new federal grant opportunities that are available this year.
That's a strategy you can implement immediately to improve your business.
You can simply add some blocks to your SWOT analysis to get these strategies on paper.
strategies and SWOT