This week we are going to do a SWOT Analysis of your business. This is a helpful tool in which you take a step back to examine key characteristics of your business. This is a strategic analysis that is done in all businesses of all sizes: small sole proprietorships on up to Fortune 500 organizations. I encourage all businesses in the wedding industry to do this twice a year. It’s great at quickly assessing:
- whether you are moving in the right direction or not
- what is AWESOME about your business
- what needs to be changed and improved
- what external factors (trends, economics, politics) affect your business
SWOT Analysis
The SWOT breaks down into two components, of two parts each (four parts total):
Internal Factors:
- Strengths – the strengths of your business, IN your business
- Weaknesses – the weaknesses of your business, IN your business
External Factors:
- Opportunities – opportunities for your business, OUTSIDE of your business
- Threats – threats for your business, OUTSIDE of your business
Creative Commons License: Xhienne
Define the Strengths of your Business
Take 15-30 minutes today to write down the strengths of your business. Be honest and realistic. This is to be used to help you make decisions about the health of your organization. Here are some things to think about when defining your strengths:
- How is your business different from others?
- What are the intangible assets (people, experience, knowledge) and tangible assets (office, equipment) that makes your business strong?
- What do you personally bring to your business? What do your employees bring?
- What are some of the achievements your business has had in the last year?
- How is your business perceived within the wedding industry? What is its reputation? What is your reputation?
Hold onto these strengths, we’ll be putting it all together at the end of this week.
by Michelle Loretta
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