Strengths

Weaknesses

Opportunities

Threats

SWOT analysis is regularly used in large corporations as part of the profit planning and strategy setting process.

If you are serious about your business you can SWOT yourself, your product line, your service and produce a corrective action plan coupled with a new strategy.

Here's how

List at random:

Strengths: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

Weaknesses _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

Opportunities: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

Threats: _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________

When you have compiled your lists mark each item in importance. Rank them.

You then need to question your answers.

* Strengths

Are you using all of your strengths to full advantage? If you have ranked them you will see which you need emphasise and which you need to improve to become stronger.

Strength: Action:

1

2

3

4

* Weaknesses:

You need to be honest with yourself here. Only by being honest will you be able to decide action to allow you to eliminate any weaknesses.

Weakness: Action:

1

2

3

4

* Opportunities:

Really think it through what opportunities am I aware of? Have any arisen as a result of this exercise and what am I going to do about them?

Opportunities: Action:

1

2

3

4

* Threats:

What threats do I face? What threats does my business face? Competition? Losing a key employee? Am I to reliant on one customer? Lack of funds for expansion? Work on them and you will be stronger for it.

Threats: Action:

1

2

3

4

You now know yourself and your business better. You have an action plan with a strategy to work on to strengthen your business.

Do a SWOT analysis at least once a year.

Take action. Action is the key.

Best wishes,

Michael Harrison.

You can contact me at anytime on Bulletin@be-your-own-business-expert.com If you think this article would interest a friend or collegue please feel free to pass it on.

Use it on your web site or in your publications. All you have to do is place the following 'resource box' after each article.