Time for a mid-year review? SWOT analysis can help you refocus, reflect & regroup.

SWOT – Strengths, Weaknesses, Opportunities & Threats

As businesses still recover from the impact of the Covid19 pandemic & hospitality in particular continues to struggle with employee retention; as we hit the mid-year point, now would be a good time for any business to take some time to refocus, reflect & regroup.

One of the simplest business tools for any business is a SWOT Analysis. Whether it is an established business seeking ways to re-focus, or a start-up looking at ways to identify their strengths & opportunities, whilst also recognising their weaknesses & threats; SWOT can help re-direct & re-focus any business at any time.

How to use a SWOT Analysis effectively?

Be honest. There is a temptation to be unrealistic in a SWOT Analysis. However, this does not give you a realistic vision of your business & or business goals & therefore this could give you an idealistic vision of your SWOT, rather than a real vision of what you are trying to achieve.

Strengths.

For some business owners who are fully immersed in the hard work of day to day running of a business; it can be difficult to find the time to identify where your strengths are.

One of the key strengths of any business is You. If you are the entrepreneurial spirit who began your business, it is your strength which is as the core.

Dependant on the sector you work in, this is an opportunity to identify such things as what your career path has taught you on your road to being a business owner. It can help you identify your specific skills, education, training & any other aspects of You & your original vision which have brought you thus far.

Again, be honest. Fabrication of truths are not strengths.

Another strength is based on your success. However, financial turnover is not the be all & end all of ‘success’. Success can be measured on where your business compares to others of a similar ilk. Keeping an eye on the competition & even forming alliances & or connections with other businesses in your own sector, which can complement you & your company; is a great strength.

Weaknesses.

Do not think for one moment you do not have weaknesses in your own business, even if you are a sole trader.

Identifying your weaknesses is a really positive act & can help you work towards facing them & turning them around to be a positive.

For a lot of business owners & entrepreneurs, one of their greatest weaknesses is time. Often business owners are so busy running their businesses, that they have very little time to take a good look at their business model & make effective & shrewd changes to improve.

Sitting on your laurels is not the way to have continued success for example. Just because your trading years may have been good for the first 3-5 years of your business, complacency can lead you along a tricky path to stagnation. This can be a weakness which needs to be kept in check & reviewed regularly.

Opportunities.

Opportunities are around your business all the time; it just takes looking objectively at your business to be able to identify them. Even in a pandemic, there are opportunities for change & development.

Although a wide variety of business have were not able to adapt due to the constraints of the pandemic; there are many who have not only adapted & embraced the opportunities around them but have thrived.

Learning to adapt your business, identifying staff strengths & how they can add value to your business, collaboration with other businesses & being open to change; are just a few ways you can look at your business opportunities & help push your business forward.

Threats.

Can another business do what you are doing? Do you have a niche which brings clients back time & again, or are you competing with a myriad of similar business types? Are you open to change? What are the threats to your businesses continued success?

For millions of business owners, the threat of a global pandemic was never on their radar & that the biggest lesson in business is that nothing is certain.