The Importance of SWOT Analysis for Businesses
BUSINESS | 2 MIN READ
When you’re starting to put up your physical and online business, you have to assess where do you stand as an owner, supplier and a competitor. How to do this? Use SWOT analysis!
What is SWOT analysis? SWOT analysis is an acronym for Strengths, Weaknesses, Opportunities, and Threats.
STRENGTHS
Ask yourself, what are your advantages over your competitors? What makes you stand out from the rest? What does your company offer that other companies do not have? What makes your company get a higher sale?
These are your strengths as a company, your assets, and foundations that you have now. Analyse it and make improve it if you can.
WEAKNESSES
These are the downside of your company. It is either where you lack at or a current factor that you have that’s not helping your company. It can be a failed marketing strategy, lack of manpower or equipment and many more factors. Think about what you can do to improve or eliminate these factors.
OPPORTUNITIES
Are there any interesting matters you are aware of? Situations where your company would gain? Do you have any idea on how to make your strengths be convertible into opportunities? Grab these opportunities and make your company grow!
THREATS
Threats are the possible obstacles that you might encounter in your business. It can be a new competition in your line of service, a backlash from your employees, unsteadiness in your sales and many more. If you don’t do anything to prevent your threats, it will instantly become your company’s weaknesses.
Miyens offers effective and affordable and professional online and digital solutions that can help you improve your strengths, resolve your weaknesses, execute your opportunities and eliminate your threats. Our team can come up with projects that can definitely help your business to improve and prosper. Contact us today and together let’s plan better things for your company.
