In this week’s back to basics blog, we’re talking SWOT analysis. Chances are, you know what a SWOT Analysis is. It’s a document, chart, mind map or graph that shows the Strengths, Weaknesses, Opportunities and Threats of your business.
We find that the SWOT Analysis works best drawn out as a big mind map, up on the wall. In true Make Happy fashion, this way you can move around post-it notes and ideas if you decide they live somewhere else.
The SWOT Analysis is an incredibly versatile tool. It can be used to stress test your business model, a new product, or a brilliant idea you have. You could probably even use it to work out if you made the right restaurant choice for dinner. Simple yet effective, the SWOT Analysis will help highlight potential pitfalls or opportunities you may not have previously encountered.
The SWOT Analysis is an incredibly versatile tool. It can be used to stress test your business model, a new product, or a brilliant idea you have. You could probably even use it to work out if you made the right restaurant choice for dinner. Simple yet effective, the SWOT Analysis will help highlight potential pitfalls or opportunities you may not have previously encountered.
The key with a SWOT Analysis is to be solution-minded. You’ve identified a weakness; how might you overcome this? You’ve identified a major strength, how might you use this to take advantage of a new opportunity?
Remember that your SWOT Analysis can be a living document. Maybe a new member of staff brings a new strength, or a change in the economic climate brings a new opportunity. Keep your SWOT Analysis alive to take maximum advantage of any opportunities in your business.