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