Strategic Planning - Part 4 - SWOT Analysis
Updated: Dec 15, 2020
This is a great time of the year for reflection and planning for next year. An important component is a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats). If you have one completed, fantastic, you now have a systematic way to benchmark all areas of your business.
If on the other hand you do not have a SWOT analysis here is a comprehensive template to help you.
As you can see we are examining the strengths, weaknesses, opportunities and threats from twelve different aspects of your business. Some may not be relevant and some may have items that on the surface look contradictory but that does not matter because it will make sense when you reflect upon them.
Let me give you an example, you and your knowledge may be a key strength of the business but because it is tied up in you it also makes it a weakness. Why, because what happens the business if you are incapacitated. So the action to put in place is ?
You may look at legislation and say that it has nothing to do with us. However, if you are an employer it is worth noting that there have been significant changes to employment legislation over the last 18 months further complicated by Covid. Are you fully up to date on how these changes affect you? If not then the action is to seek the help of an expert. (I can recommend a firm if you need one)
Brexit could be included under legislation and may have a huge impact on your business. With an ongoing fragile situation it suggests that you might need an alternative plan. Have you got one?
Do you benchmark your reputation against the competition and if so how do you rate? Having in place a reminder like this ensures you seek up to date information and regularly benchmark yourself against previous performances.
As you can see there is a lot to consider and I believe that the more people you have giving their input the more likely it is that you will develop a robust plan. Include people at all levels of the organisation to give you a more comprehensive view because often their experience and insights are missed at management level.
Hopefully you will find this a useful exercise and if you would like to know more please schedule a call.
More tips and resources can be found here.