Importance of a SWOT analysis

When did you last sit down and do a SWOT analysis on your business? When did you last do a SWOT analysis on yourself? They may sound like the same thing but they aren’t. Most business people are sole traders, but your business will still have its own distinct opportunities and threats, and you will probably still have opportunities, strengths, weaknesses and threats that apply to more areas of your life than just your business. If you are losing focus it can really help get your effort levels back into top gear. We all know it is very easy and in any area of our lives to get caught and bogged down in every day routine. We come to work in the morning and check our emails and we then grind along doing the same type of things each day. From time to time we come up with efficiency tools like checklists and new ways of getting work done which we have drifted into through habit. Take the time to think outside your habits and really analyse the situation and the possibilities. Use a SWOT analysis as the first step in planning. It is sometimes useful to do SWOTs of various sections of our business. This can particularly apply to a business website. It can have opportunities, strengths and weaknesses that are particular to it. Take a look at the strength and weaknesses of your business which are part of the internal structure to your business. Then look at the external environment by exploring the opportunities and threats. The SWOT analysis is a great tool for you to assess your business and the industry you operate in with little trouble. It will promote critical and specific thinking to enhance your strategic plans and objectives. Advice provided is of a general nature and individual circumstances may vary. It is recommended you seek professional advice to ascertain your correct course of action.