What is a SWOT analysis?
A SWOT analysis is an abbreviation for your strengths, weaknesses, opportunities and threats in your business as it stands.
If you are busy with your marketing plan, a good place to start is by doing a SWOT analysis and identifying how your customers think, and any potential threats or opportunities that might affect your marketing and advertising attempts.
Firstly, What are your strengths?
Secondly, How do you do better than your competitors?
Thirdly, Which unique capabilities and resources do you possess?
What do your competitors do better than you?
How can you improve given the current situation?
What do others perceive as your weakness?
What opportunities exist in your market?
How can these opportunities benefit you?
Do you belong to any networking groups – this could be an opportunity to market your company.
Do you know who your competition is?
Are you aware of your cashflow balance?
Do you test and measure your marketing efforts to ensure your message is the correct one?
For example, here is a SWOT analysis for McDonald’s (the burger place):
One last thought:
“Only when you acknowledge your strengths and weaknesses in your business, and are fully aware of your customers’ experience when buying from you, will you be able to market your company effectively.”
In conclusion, I would advise that every business owner needs to conduct a SWOT analysis on a quarterly basis, as circumstances are ever-changing.
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What is GrowthCLUB, you ask?
GrowthCLUB gives small to medium-sized business owners the chance to participate in a STRATEGIC business planning day with other like-minded owners. In this way achieving a better overall understanding of how to run their businesses, and formulating a structured 90-day plan for massive action, specifically designed to immediately impact their own companies.
Business owners step out of their business environments every quarter to meet and engage with their business coach, other business owners either face-to-face, in a conference setting, or by attending a virtual workshop via ZOOM.
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Onwards and Upwards,