If you are thinking walking down the path of Management, whether you are an owner of a business and wanting to improve your management skills or whether you are an employee looking for an opportunity to climb the management ladder one of the tools you will use regularly throughout your management career is the S.W.O.T analysis.
What is a SWOT Analysis?
A S.W.O.T analysis looks at the Strengths, Weaknesses, Opportunities and Threats of any subject within the business. Too often a business owner / manager will use a SWOT analysis in their core product only; if your business is selling fizzy drinks then generally you will only conduct a SWOT analysis on your fizzy drink but a SWOT analysis can also be used for your business location, your staff as a whole, your competition, individual staff members in relation to the team and of course this list is not difinitive. SWOT analysis can be and should be used across many parts of the business to help identify and promote it’s strengths whilst identifying and then addressing it’s weaknesses.
I have used the SWOT analysis to help develop the key message any business wants to send to it’s chosen market. As part of this process I identify the business strengths and it’s opportunities with regards to selling into specific markets and combine that with the business Unique Selling Point (USP) and the image the business wants to portray it can create a very strong message designed for it’s target market. Once this message is created it can then form the foundations of everything else the business does regarding marketing itself.