WinWeb’s Business Planning software is our lowest priced application, but it contains a number of useful planning tools that can help plot the future of your company. One of the key features of planning is the SWOT Analysis and this is included in our Business Planning software.
The SWOT Analysis is the best way of setting yourself measurable goals. It is a tool commonly used by businesses to determine their internal strengths and weaknesses plus also identify external opportunities that they can exploit or threats that could have an impact on their success. Although the technique is straightforward and uncomplicated, the results are usually very effective and will often play a part in deciding upon a plan of action for your small business.
To begin, you should look carefully at what factors have contributed to the success and achievements of your business so far. Identifying your strengths allows you to focus on remaining good at what you do and building on these foundations.
Next think critically about your business and the things you have done that are unsuccessfully or failed to yield profit. No-one enjoys focusing on negative things, especially if it is in relation to their own activities, but without doing this on a regular basis there is no possibility of self-improvement. If you are unable to do it, ask someone outside of your business to do it honestly. Remember that working diligently to better yourself can often turn a weakness into a strength.
There are always opportunities of some sort available for your business, ranging from expansion to new product launches. Look for opportunities that have the highest potential for success and then later you can think more critically about whether you have the finances available to pursue them.
Outside threats that you have no control over are an ever present danger to any small business. Early identification of potential threats allow you to leverage your strengths and opportunities to counter-act them. Many businesses become extremely successful when they adapt and change in response to a perceived threat.