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A SWOT Analysis
Identify Strengths, Weaknesses, Opportunities and Threats (SWOT)
A SWOT analysis — identifying Strengths, Weaknesses, Opportunities and Threats — is an excellent entry point into the growth planning process. It’s fast, inexpensive, gathers input from your entire team and focuses everyone on your vision for growth.
Get together with your key employees for a candid brainstorming session, based on the following framework:
| Strengths (internal) |
Weaknesses (internal) |
What do we do well?
What resources do we have that other companies don’t have?
What are our competitive advantages?
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What do we do poorly?
What activities detract from what we do best?
Where can we improve?
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| Opportunities (external) |
Threats (external) |
What opportunities exist presently in our business?
What trends are influencing our industry?
What changes are occurring in our industry’s regulatory environment?
What changes are occurring in technology related to our industry?
Are there demographic changes occurring that we should consider?
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What obstacles do we face?
What are our competitors doing and how might it affect us?
Is there a threat from planned regulatory change?
Do we have the cash available to meet present needs?
Can we maintain service levels or will we need to increase staff?
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From your strengths, weaknesses, opportunities and threats, write down your business goals and objectives for the next year. Assign one or more people from your team to be responsible for reaching these goals. At subsequent reviews — quarterly or more frequently if you think it necessary — you can assess your business’s progress toward your goals and make any necessary adjustments.
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RBC has developed a series of guidebooks that offer concise, practical information for all stages of your business. Click here to obtain a complete set of all our guides.
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