Monday, 23 July 2018

Information and commentary for the small business banking industry

SWOT Analysis – do your small business customers know how to conduct one?

23 Aug

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 you’re chatting with your small business customers and they tell you they’ve never conducted a SWOT analysis, it’s a good time to sit them down and show them how. It’s also something you might consider adding to your online small business resources – a template and a guide to accompany it.

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 it’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, you’re giving them an effective means of examining their business and keeping it on track, especially if they’re planning on expansion and growth.

This is a good article to share with your small business customers.

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