My content scheduler said I needed to talk about S.W.O.T. So as I was doing as I was instructed and conducting research for this article, I found more diy posts about the importance of a S.W.O.T. Analysis than I have fingers to count. Every last one essentially says the same thing in different ways depending on the author’s target audience. However, I failed to find relatable content or examples of the ‘how’. My first thought was, “Not every business owner has a business degree. I need change my approach,” and here we are. So, let’s dive in for 10 minutes to hopefully learn a little about S.W.O.T. and examples of how to achieve success in relation to your small business’s strengths, weaknesses, opportunities, and threats.
Strengths are the positive attributes that set you apart from the competition. These are the things you excel at, take pride in, something no one else does, and makes you stand-out against the competition.
Examples of Strengths:
- A loyal customer base
- A strong brand reputation (not just your logo)
- A unique product or service
- A skilled and motivated team (not just someone desperate to make a few extra bucks)
- A high-quality website (sites made with Squarespace, WordPress, & WebFlow are highly acceptable)
Think about these five examples. Are these your strengths? Or are other strengths coming to mind? Your business’s strengths should also be the main focus of your marketing campaigns.
Weaknesses are the challenges that can hold your business back. These are areas where you need to improve, address, or avoid to ensure growth and success.
Examples of Weaknesses:
- Lack of financial resources
- High turnover rate
- Weak online presence (missing social media interaction, no optimized content)
- Low customer satisfaction rate (Customer satisfaction is the main reason for marketing.)
- Low-quality product or service
- No products or services unique from your competition
Identifying and addressing these weaknesses can help your business thrive. You’re only as strong as your greatest weakness if you do not strive to mend your weaknesses.
Opportunities are favorable conditions you can leverage to reach your business goals. These are the chances you can take advantage of to propel your success.
- Growing demand for your product or service through paid digital advertising
- New market segment or niche that is unique from your competition
- Technology that automates routine tasks
- New partnership or collaboration
What opportunities do you think could drive your business forward to expand on your strengths?
Threats are challenges that can negatively impact your business. Being aware of these risks is crucial to navigating potential setbacks.
- Declining demand for your product or service
- New competitor or alternative product or service
- Technology making a service obsolete
- Negative publicity campaign (If this is the case, we really should have a conversation.)
- Change in regulation or policy
Stay vigilant and be prepared to tackle these threats head-on when they arise (occurring now or to come in the future).
I hope the examples I gave helped to clarify S.W.O.T. a little better for you. We perform S.W.O.T. Analyses for every Marketing Consulting Client and Website Design & Development Client. So, if you still feel overwhelmed with conducting your own small business S.W.O.T. Analysis, send us an email, and I will personally reach out to see how I can be of assistance. [Andrea]