How to do a SWOT Analysis: The One Thing You NEED to Do to GROW Your Business

grow your businessWhether you are company-employed and responsible for a territory or self-employed, you need to grow your business.

Growing your business requires taking the time to analyze and plan for future growth areas.

You’re probably thinking,

“Analyzing involves a whole bunch of stuff I don’t like to do.”

But look at it this way…

Analyzing is going to show you where your business is strong.

That’s a great motivator … right?

Analyzing is going to show you where you have opportunity to bring in more revenue.

Who doesn’t like more money?

And, if you take the time to evaluate your business on a regular basis, it’s actually a quick and easy process.

Here how to do a SWOT Analysis…

What Are Your Strengths?

These are internal factors that are present right now.

Questions you might ask yourself:

  • What are your advantages over the competition?
  • Do you have strong customer relationships?
  • Do you have a lot of marketing resources?

These are areas you can maintain, build and leverage in your target market.

What Factors Lose You the Sale?

These are internal factors that have an impact now.

Questions you might ask yourself:

  • Do your competitors dominate the market?
  • Do you have a lack of resources, financial, product knowledge etc.?
  • Does your product lack in quality or benefits?

These are areas you can make changes to and optimize to convert more prospects.

What Areas Do You Have Growth Potential?

These are external factors that are present in the future.

  • Questions you might ask yourself:
  • Are your competitors vulnerable?
  • Do you have new markets on the horizon?

Can you partner with someone?

These are areas you need to tweak your product line to compete in or choose not to have offerings at the current time.

What Challenges Are You Facing?

These are external factors that will impact you.

Questions you might ask yourself:

  • Is there new legislation coming that will change how you do business?
  • Is your industry seasonal or economically sensitive?
  • Is your market facing new obstacles?

These are areas you’re going to have figure a way to counter.

What Next?

Go and get a couple of sheets of paper and write down 2 answers for each of the 4 areas above.

Oh, and by the way, you will have just done a SWOT analysis. :)

Put down your analysis and come back in a day or two.

When you look at your SWOT analysis again, plan out what actions you’re going to take for the next quarter and watch your business grow.

See, it’s not such a big task, but it’s one that will pay off with a big ROI (return on investment).

How frequently do you analyze your business? What recommendations would you have for someone doing this for the first time?

Let me know in the comments, and thanks for reading!
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PS: If you’re considering looking for a new position, do a SWOT analysis on yourself to develop a plan on how to market you…your product.

About Theresa Delgado

Theresa shows entrepreneurs how to use proven sales strategies to grow their business and increase profits. Successful entrepreneurs have been able to increase their profits because they have developed great relationships with their top customers. Theresa has put together a 15-part ecourse of the most effective tactics she has used for over 20-years to build rapport and it's her gift to you. Sign up below to get started!

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