One of the single greatest tools in a small business owners toolbelt is the ability to critically analyze how their business operates. On that note, today we’re going to talk about a useful technique for analyzing and growing your business – the SWOT Analysis.
Originated by Albert S. Humphrey in the late 1960’s, the SWOT Analysis is a powerful decision making tool for any business. Let’s dive in!
Take a piece of paper and draw 4 squares on it. Title each square Strengths, Weaknesses, Opportunities, and Threats.
What do you do well
You don’t know what you don’t know
No marketing or market share
Festival or event sales
Can’t hire/retain employees
By taking the time to develop a SWOT Analysis you are able to quickly and clearly see a roadmap for your company moving forward both internal and external.
#SWOTAnalysis #SWOT #BusinessStrategy
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