Every small business owner should conduct a SWOT analysis at least twice yearly to assess their Strengths, Weaknesses, Opportunities and Threats compared to their competition, markets and industry.
A SWOT analysis contains four sections that help determine your business's performance.
- Strengths. The business’s strengths indicate where the company excels and how it surpasses its competition. Whether it’s the quality of the product or service, its employees, or its position in the market, this section should tout the company’s accomplishments.
- Weaknesses. Recognizing and acknowledging the business’s weaknesses is crucial to know where to improve. For example, the company may be inefficient in certain areas or have high employee turnover. By revealing its failings, the business can take action to find solutions.
- Opportunities. Opportunities are the external factors a business can take advantage of to grow. Opportunities abound but may be hard to spot. A SWOT analysis can help you identify new products to sell or services to offer or how new technology can improve productivity and save money.
- Threats. The threats to your company are external influences that might hurt your company. Although you don’t have control over factors like rising interest rates or new competitors, it’s essential to recognize any threats before preparing an action plan.
Answering the following questions in our checklist can help you create your SWOT analysis. Download the checklist now.
Lexmark GO Line helps small businesses make a lasting impression on the world with intentionally engineered printers and all-in-ones. Combining over 30 years of experience and expertise, Lexmark is proud to offer enterprise-class and built-for-SMB devices and features to customers worldwide. With over 7 million printers deployed in more than 170 countries, Lexmark helps customers print, secure and manage documents with ease. Make your mark with Lexmark GO Line. Visit Lexmark’s the Spot for SMBs.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.