SWOT explained
Before filling up your OGSM it’s good to analyse the market and explore the best opportunities to make your business succeed.
What is it:
The SWOT analysis is a planning and decision-making tool that helps you understand the internal and external factors of a situation, this allows you to to improve, innovate or even prevent certain issues.
What are the main components:
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Strengths: Internal attributes and resources that could make the company successful in the market
- What makes your company better than others in the same industry?
- What’s unique about your proposal?
- What resources do you have to your advantage?
Weaknesses: Internal attributes that could create disadvantages. This allows you to recognize what you need to improve.
- What are the biggest obstacles for your company?
- What issues are your clients facing with your product or service?
- What could make your company better
- What are the main communication channels that your audience likes?
- What factors can you take advantage of right now?
- How can you get more people to relate to your message/brand?
- The status of the market
- Increment of the price of raw materials or implementation that you need
- Low demand
Why
Basically, the SWOT analysis helps you to understand what you are doing right and what can be improved according to the external factors. This allows you to make the right decisions related to your product and services such as redefining your target, changing the budget or hiring more employees for certain needs that are unfulfilled.
Power SWOT
There’s an even more critical way to analize the internal and external factors for your company called POWER SWOT. POWER is an acronym for Personal experience, Order, Weighting, Emphasize detail, and Rank and prioritize. The purpose of this is to take you from the analysis stage to creating strategic actions. 3 bullets only.