What is SWOT Analysis?
SWOT analysis is an objective way to analyze the four major components of your business. They are:
● S – Strengths
● W – Weaknesses
● O – Opportunities
● T – Threats
These components can be broken down further as either positives or negatives as well as whether they are internal or external. Strengths and weaknesses are internal, while opportunities and threats are external. Positive components are strengths and opportunities; leaving weaknesses and threats as the negatives.
So, SWOT analysis when applied specifically to assessing your Digital Economic capability can be quick reality check. We can quickly help identify and solve problems that can be holding your business back in the ‘Digital World.’
How do you perform a SWOT Analysis?
There are no hard and fast rules for performing a SWOT analysis other than to be as objective as possible. Include people in your company who will give honest, straightforward opinions on the state of the company and where they see it headed.
While this can include your internal staff, anyone with a vested interest in the company or passion for improvement can be valuable asset. Even if they work with the bare bones of your company, such as HR manager or an investor.
Treat the analysis like you would a brainstorming session: use whiteboards or good, old-fashioned paper to break down your business by the four categories. Be as objective as possible, but also be proud of what you’ve accomplished so far. And remember, the purpose of this exercise is to help your business, now and in the future. So, keeping in mind your goals, your plans for growth and the general future of your company is important.
SWOT Analysis Questions
When it comes to analyzing your company performance through SWOT, you must consider the things that set you apart. Here are a few for each category that can help narrow down your biggest values and challenges.
What is our competitive advantage?
What does our company do that no one else’s does?
What do our customers like about our service?
What resources do we have at our disposal?
How personalized is your offering?
What do our competitors do better than us?
Who do our customers complain the most about our service?
What resources are we lacking?
What areas of business could we improve on?
Is the market changing in a way that favors us?
What existing opportunities have we not pursued?
What about the current economy favors the services we provide?
Who are our biggest competitors?
What new entrants are there who have similar services to us?
Is our market size shrinking?
Being honest with yourself and your company on the strengths and weaknesses of your company is the key to making your SWOT analysis work for you. It doesn’t cost a time and it can provide valuable insights into the way your company operates.
If your company is using Kloudville Business 360-in-a-Box, extracting information needed for SWOT analysis is simple. Analytics can help identify weaknesses with your customer service, track profits by market segment and show quote-to-order conversion rate. Feature like the Issue Management can examine and help eliminate reoccurring issues and help time-efficiency.
Kloudville SaaS’s goes beyond daily operations of a business and provides essential and objective analytics of how the business is functioning.