SWOT Analysis: How It Works for Your Business
Has your company tried the SWOT Analysis ? This easy-to-remember acronym allows entrepreneurs and business professionals to identify both the positives and negatives within their organization, which leads to a better and more cohesive public relations strategy. The SWOT Analysis stands for strength, weakness, opportunity and threat. Defining these internal and external areas of a company can make a big difference when assessing how it should operate and market itself.
This analysis is not conducted in a brief period of time. A SWOT Analysis should be similar to a brainstorming session where the results will lead to a plan of action. Those who are involved in the SWOT Analysis need to determine what the company is already doing well and what the company can improve on (internal areas). They also need to determine what upcoming opportunities there are for the business, and if there are any perceived threats that need to be addresses (external areas).
Strength and Weakness
So why should a business use the SWOT Analysis? After all, there are many types of analytic tools online that can do the same thing. However, no machine knows the ins and outs of your company like the people who work for it. Plus, getting everyone on board to have a face-to-face analysis of the company, allows them to become more invested in its future. Open the channels of communication so people are free to talk about the good aspects of the business and the parts that can be improved. A goal of the SWOT Analysis is to figure out where your company may be lacking, and fix it so that it becomes a strength.
Opportunity and Threat
The same mentality applies to opportunities and threats. The SWOT Analysis makes people aware of the external threats that their company may face so that they can turn those threats into opportunities. For example, a new competitor just came into town and is offering lower prices for its products. How will your company respond? This is why a SWOT Analysis can be so beneficial – your business is conscious of all areas that affect it.
Try the SWOT Analysis in your company and give us some feedback. If you have any further questions on how to conduct a SWOT Analysis, contact Three Girls Media. We are always here to help.
Three Girls Media & Marketing Inc. is a public relations and social media management agency with teams in Silicon Valley and the Seattle area. We love working with small and emerging companies across the nation to raise their brand awareness and name recognition. We offer a complimentary 30-minute phone consultation with our CEO and can answer your questions and discuss your specific marketing needs. Call 408-218-2391 today to arrange yours!
Photo Credit: Thomas LeuthardWritten by Erika Taylor Montgomery
Tags: business, company, SWOT Analysis