Itâ€™s been around for a long time, and thatâ€™s because it works â€“ the SWOT analysis:
Your small business customers should be using a SWOT analysis not only for themselves, but on their competitors as well. It helps them to fine-tune their business strategy, because it identifies internal and external factors that can help or threaten their business.
If youâ€™re chatting with your small business customers and they tell you theyâ€™ve never conducted a SWOT analysis, itâ€™s a good time to sit them down and show them how.
Although it looks simple, itâ€™s a powerful tool that can swiftly assess the health and potential of a business. The first row contains the internal factors, and the second the external:
SWOT analyses are a great way to explore potential solutions, identify potential barriers, choose an effective strategy, or revise an existing strategy. For example, if one of your customers is thinking of buying a competitor, then itâ€™s a good idea to conduct a SWOT analysis on that business.
If you can educate your small business customers on how to use this tool, youâ€™re giving them an effective means of examining their business and keeping it on track, especially if theyâ€™re planning on expansion and growth.
Here at TSBC, we can offer you great content around SWOT analyses, including downloadable templates and guides on how to conduct the analysis. Contact us on firstname.lastname@example.org to find out how we can help you.