SWOT Analysis Guiding Questions
Strengths are internal, positive attributes of your company. These are things that are within your control.
- What business processes are successful?
- What assets do you have in your team, i.e. knowledge, education, network, skills, and reputation?
- What physical assets do you have, i.e. customers, equipment, technology, cash, etc?
- What competitive advantages do you have over your competition?
Weaknesses are negative factors that detract from your strengths. These are things that you might need to improve on to be competitive.
- Are there things that your business needs to be competitive?
- What business processes need improvement?
- Are there tangible assets that your company needs, such as money or equipment?
- Are there gaps on your team?
- Is your location ideal for your success?
Opportunities are external factors in your business environment that are likely to contribute to your success.
- Is your market growing and are there trends that will encourage people to buy more of what you are selling?
- Are there upcoming events that your company may be able to take advantage of to grow the business?
- Are there upcoming changes to regulations that might impact your company positively?
- If your business is up and running, do customers think highly of you?
Threats are external factors that you have no control over. You may want to consider putting in place contingency plans for dealing them if they occur.
- Do you have potential competitors who may enter your market?
- Will suppliers be able to supply the raw materials you need at the prices you need?
- Could future developments and disruptors in technology change how you do business?
- Is consumer behavior changing in a way that could negatively impact your business?
- Are there market trends that could become a threat?