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Hello, QuickBooks Community! I know this is a super random question, but necessary. When last have you done a SWOT analysis for your business? It is usually recommended to do this at least every six months. Plus, now that the market is opening, it won't hurt to do so. For those who may not know what a SWOT analysis is, it's a strategic technique used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of the business.
This method can be used for project planning, making business decisions, and determining your company's competitive position. Today, we will deal with internal factors such as the Strengths and Weaknesses that you can control and the external factors, Opportunities and Threats that exist outside of the business.
Strengths
This describes your business's positive attributes that give you that edge or niche from the competitors in the market. Factors contributing to this are the experience gained and mastery of these skills, which leads to the company's success.
Weakness
This shows the parts of the business that suffers and need improvement to remain significant in the market. This can hinder the success of reaching the company's goals or even maximizing their full potential.
Opportunities
These are outcomes that can potentially boost or strengthen the company and give it that dominance in the market.
Threats
Threats are determinants outside of the business that endangers the profitability and security of the firm. Sometimes these threats are uncontrollable and unpredictable but can cause damage to the stability of the corporation.
As an illustration, let's do a simple SWOT analysis of a pizza restaurant. If you cant tell, I really love pizza hence why I'm using this. For their strength, Iet's assume they have good advertisements and marketing methods. A weakness could be that they charge a lot for delivery services than other restaurants. An opportunity for them may be to produce more variety of pizza and introduce new flavors. A major threat is more competitors entering the market, causing a decline in shares.
Although this is a reasonably short analysis, it can be used as a guide for your SWOT analysis. I hope this was insightful and gave you a snapshot of how you can grow your company. Enjoy the rest of your day, and be safe, my Community friends
