A SWOT analysis is a strategic planning technique that helps you to identify your core strengths, weaknesses, opportunities, and threats. The technique leads to fact-based analysis, fresh perspectives, and new ideas and works best when multiple voices within an organization are free to provide realistic data points rather than "prescribed messaging."
For most businesses, the biggest problem with attempting a SWOT analysis is that the stakeholders are usually so embedded in the day-to-day activities that it becomes difficult - if not impossible - to identify all of the key issues. This is where we can help because as an outsider, we ask the difficult questions that would normally remain hidden. Specifically, eLaunchers can help your business create a significantly more useful SWOT analysis by:
- Determining the type of SWOT analysis that should be attempted. Is it internal - looking at opportunities within the company - or external where we look at?
- By evaluating both internal and external data, we guide the stakeholders toward strategies more likely to be successful, and away from those we have seen to be less likely to succeed. Independent SWOT analysts, investors, or competitors can also guide them on whether a company, product line or industry might be strong or weak and why.
- Once the SWOT analysis is complete, create a list of the specific actions and timeline that must be taken to provide the desired results.
With the massive changes that are occurring in North American business right now, you can not afford to follow the "business as usual" philosophy. The upheaval that is occurring with increasing interest rates, falling consumer confidence, soaring inflation, post-covid malaise and the upheaval of digital marketing venues due to the rash of privacy initiatives have already slaughtered hundreds of thousands of American and Canadian businesses.
Fortunately, we only have to look back for just over a decade to see how some businesses survived the Great Recession. In 2008, the home market was hit particularly hard and homebuilders had to learn to transition from "sell everything we can build" to "no one is buying" in just over 60 days. The homebuilders that doubled down, invested in new technologies, revamped their business structures and adjusted to the new reality - survived and are now stronger than they've ever been, Many increased their market share as other players that didn't adjust succumbed.
A basic SWOT analysis is not difficult, but seeing all the variables is far easier with an outsider that is free of the internal biases inherent with a "keep it in-house" approach. Parthiv Shah at eLaunchers can help. For a complimentary 15-minute call to learn how - open the link below.