129 How to use a SWOT analysis for your business strategy (and personally) - The Content Fix

Episode 129 What is a SWOT analysis and all the surprising ways to use one in business (and personally)

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A SWOT analysis identifies what you are doing well and what you are not. Learn how to create one and turn weaknesses into opportunities.

Strengths, weaknesses, opportunities and threats come together as the four factors you use to analyse pretty much any situation, business or even individual.

What is a SWOT analysis?

A SWOT is a great tool for:

  • Early brainstorming and planning for a new business or a new product.
  • A SWOT will help you prioritise what you’re doing.
  • It will help you look at the competitive landscape through a different lens.
  • And you can even use one personally, which is great when you’re looking for a job or thinking about upskilling.
  • I even used a SWOT analysis recently to help me evaluate whether I should sell my house!

So if you're ready to perform a SWOT analysis, how do you do it?

SWOT analysis questions: 


Strengths:

  • What do you do well?
  • What resources do you have?
  • What makes you better than your competitors?
  • What is your experience?
  • What are your skills?
  • What is unique about your business – think people, price, product, process that sort thing?

Weaknesses:

  • What could you improve?
  • What should you avoid?
  • What are your competitors better at?
  • Do you have any resources limitations like money or people?
  • Do you have knowledge and skill gaps?
  • Are you making enough profit?
  • Are there any technology limitations?
  • Are you location dependent?


Opportunities:

  • Well I like to look back at my strengths and weaknesses?
  • Which of your strengths could you use more?
  • Is there a weakness you could improve?
  • Then more broadly think about what’s going to in your market right now?
  • What are the current trends?
  • What are the gaps in the market?
  • Which of your competitors is not doing a good enough job aka so you can swipe their customers?


Threats:

  • What are you competitors doing?
  • Are there new competitors emerging?
  • What would make you lose clients, customers or market share?
  • Is demand for your product or service changing?
  • If you have staff, are they satisfied and likely to stay with you?
  • Could your business face any legal issues?
  • Is technology changing?



Use my Canva template to help you create your SWOT analysis.


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