23
Jun

Does your business need help? SWOT up!

ENI Marketing 0 comment

What is a SWOT Analysis?

A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis will help you to assess and set your business objectives whilst taking a look at all the factors currently affecting you and which may be impeding your business from achieving its full potential.

  • Are your objectives not being met fast enough?
  • Struggling to keep up with the competition?
  • Daunted by a product launch or new prospect?
  • Being bogged down in mediocrity instead of shining?

If you answered yes to any of these questions or even if you feel your business could do with a health check, we’ve got our finger on the pulse and can conduct a SWOT Analysis to start you on the right track.

The analysis is broken down into four categories:

Strengths:

Here, we make a list of everything positive your business has to offer, from your unique selling points to your assets and resources.  Any factors which present a barrier to competition, even customer loyalty, brand engagement and demographics.  This focuses comprehensively on your strengths.

Weaknesses:

Every aspect of your business or factor in the market place, including external ones, that is stopping you from reaching your full potential, must be taken into account here.  To make sure this is comprehensive, feedback can usefully be gained from both customers and employees as well as an independent view point.  An external and objective view can shed light on detrimental factors which may not be obvious to those inside the company.  This is of paramount importance because obstacles can only be overcome after they are first identified.

Opportunities:

This looks closely at factors outside your business.  It analyses not only the market you are inbut the political and economic climate as well as your competition.  Both short and long term opportunities can be identified which will help to set goals and plan your growth in the future.

Threats:

There can be external as well as internal threats to a business and this takes account of them all.  Competition, economic pressures, government policies, trade unions and issues with resources all come under scrutiny.  All threats must be carefully analysed, even those who may not be affecting business currently but have a possibility of doing so in the future.

The Benefits…

The benefits of undergoing such a thorough analysis represents an immeasurable return on investment.  Once properly identified, weaknesses can be turned into strengths and potential threats can be transformed into golden opportunities.

Contingency plans and alternate strategies can be put into place to avoid potential future pitfalls and barriers can be identified and eliminated before even having an effect.

Organic strategies for maximising the potential of assets and employees can drive and direct growth and future expansion.  The exploration of new ideas can open up exciting new avenues of business to frustrate your competition and leave them standing.

The Drawbacks…

However, a SWOT analysis is only as good as the data provided.  Faulty or inaccurate information, or information which may be biased, can completely invalidate the whole effort.  This is why it makes sense to outsource the task to an external company who will look at your business in a fair, impartial and objective manner.

So, get back on track today and contact us so we can help you reach your maximum potential and create the blueprint for future success!

Contact our team on 01392 927477 or email: info@enimarketing.com

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