What is a SWOT analysis & Why is it important for your business?
If you spend any amount of time with us here at TIENNE you’re going to hear about the SWOT analysis. But what exactly IS the SWOT analysis and can it actually help YOUR business out?
This is a great question- in this blog I am going to break down what a SWOT analysis is and whether or not it is something you should consider including into your business in 2022.
What is a swot analysis?
SWOT is actually an acronym that stands for strengths, weaknesses, opportunities, and threats. The four areas that we take a deep dive into when performing the entire analysis. The goal of a thorough SWOT analysis is to have a comprehensive understanding of your business, where you need to make changes or improvements as well as what you should be doing MORE of in your business.
Strengths- In this portion of a SWOT analysis we look for all of the things that are currently going right. We will look over the past year or past 6 months to see what types of activities bring in money, where you find your clients, and so much more. When you know what is working well, you will feel empowered to keep doing those things and you won’t discontinue something that is working well.
Weaknesses- In this portion of a SWOT analysis we look at the areas of your business that need some improvement. Whether it’s your offers, your lead generation, or the way you price your offers, it’s important to leave no stone unturned. Understanding the weaknesses in your business gives you the information you need to grow.
Opportunities- In the Opportunities portion of a SWOT analysis, we will identify and document potential partnerships or other external factors that could greatly benefit your business. Ignoring this portion of a SWOT means leaving serious money on the table.
Threats- The last portion of a SWOT analysis is identifying threats within your business. This means looking at competitors, rising costs of materials, or a global pandemic. Looking at these things ahead of time means being prepared for the worst and coming out on top.
Completing a thorough SWOT analysis on your business means looking your business in the eyes, giving it an annual check up, and avoiding potentially fatal downfalls. It can sound overwhelming and you may be asking- how do you even start with something like this?
How do you get started completing a SWOT analysis?
When you sign up with TIENNE consulting we will deep dive for 30 days into your business, it’s history, and we will complete a thorough SWOT analysis for you. Afterwards we will compile all of our findings, and give you a customized game plan for moving forward as the most optimized version of your business as possible.
Not only that, but we will support you on the journey to completing the customized plan we create for you.
SWOT analyses can be a powerful tool in your business & whether you work with us to complete yours or attempt one on your own, we want to encourage you to lean into the data. Not to be afraid of it. Where there is data, there is power!!
If you would like to sign up for a SWOT analysis in 2022 with TIENNE consulting simply click here