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A SWOT analysis is a strategic planning framework used to take a big-picture look at the internal and external factors impacting your brand and business. \"SWOT\" stands for S<\/strong>trengths, W<\/strong>eaknesses, O<\/strong>pportunities, and T<\/strong>hreats.<\/p>\n The first half of SWOT (strengths and weaknesses) addresses the internal<\/em> factors within your business or brand working for and against you. Opportunities and threats (the second half of SWOT) are the positive and negative external<\/em> factors your brand must navigate through.<\/p>\n <\/div> Is your business struggling to grow?<\/p>\n Is your brand failing to get traction?<\/p>\n There’s a good chance that these two factors are related. And that means it’s time to review your brand.<\/p>\n Your brand is an essential part of your business.<\/p>\n Today’s consumers are bombarded with communication from every direction. It can feel impossible to decide when so many choices gridlock you.<\/p>\n Easily identifiable brands – and, more importantly, trustworthy<\/em> – stand out as life rafts in stormy seas.<\/p>\n Your brand identity<\/a> – everything visual about your brand – is critically important to build loyalty and trust in the marketplace.<\/p>\n A strong brand identity starts with a strong company logo<\/a> and company name<\/a>, but branding is more than a logo and name.<\/p>\n In fact, even companies with strong brands can fall behind and fail to distinguish themselves from competitors.<\/p>\n Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> Build a stronger brand with our free guides. Get actionable insights to define your brand\u2019s unique voice, understand your market, and stand out to customers. The guides are concise, actionable, practical, and tailored for the busy entrepreneur.<\/p> If your brand isn’t successfully communicating who your business is, what you do, and what you stand for, then you’re losing business without even realizing it.<\/p>\n To get your brand back on track – and create a brand plan that stands any chance of success – you’ll need to take a step back to look at the bigger picture. You’ve got to develop a higher-level understanding of your business and the context in which it operates.<\/p>\n That’s where a SWOT analysis can help.<\/p>\n By examining your business’s strengths, weaknesses, opportunities, and threats, you may find a path to new growth that you never suspected.<\/p>\n The tool made its first appearance in the 1960s<\/a>. It was created by Kenneth Andrews, William Book, C. Roland Christensen, and Edmund Learned in their book Business Policy: Text and Cases<\/a>.<\/em><\/p>\n Holistic, high-level thinking is valuable and necessary to ensure you don’t get lost chasing after details that don’t deliver the return on investment your business needs to survive. This makes SWOT analysis a vitally useful tool.<\/p>\n A SWOT analysis isn’t appropriate for every small business decision you make daily. The in-depth process would get in the way of moving forward promptly.<\/p>\n But, if you’re considering any large business decisions – like a new partnership<\/a>, writing a business plan<\/a> to add a new product line, offering a new service, big adjustments to internal policies, or adding a new position or department – then conducting a SWOT analysis before proceeding is a good idea.<\/p>\n It would be best if you also used this technique anytime you find your business stalling, a project fails, when you’re starting a new business<\/a>, or have unexpected success.<\/p>\n Finally, you should conduct a SWOT analysis whenever you consider making significant changes to your brand or brand identity.<\/p>\n Your brand is made up of your business’s authentic<\/em> attributes, what your business chooses<\/em> to present, and how your business is perceived by your audience<\/em>. SWOT analysis surveys internal and external factors\u00a0 – making it a perfect tool for examining the dual nature of branding.<\/p>\n The big-picture understanding gained through the SWOT technique can help guide you safely through change, challenges, and growth.<\/p>\n A proper SWOT analysis should involve a cross-section of your team. You want people with different perspectives on the company and should include people from sales, marketing, product development, engineering, etc.<\/p>\n In fact, some companies even invite customers to participate in a SWOT analysis.<\/p>\n Importantly, while you should include others, company leaders and founders should be deeply involved in a SWOT analysis as they create the company’s overall vision.<\/p>\n A SWOT analysis is not complex and does not take weeks to complete. It can be done in several hours and should be done regularly (at least once every 6 to 12 months).<\/p>\n You list all of your business’s strengths and weaknesses and the outside opportunities and threats that may impact your business.<\/p>\n But, as with most simple things, a SWOT can be tricky to execute well.<\/p>\n Here are some general guidelines for getting the most from the exercise.<\/p>\n Be organized.<\/strong> We recommend creating a 2×2 grid with each quadrant labeled with the appropriate heading. Then list the relevant items inside each quadrant. Use bullet points to keep your ideas concise.<\/p>\n This approach allows you to assess your results at a glance quickly.<\/p>\n Don’t rush.<\/strong> For a SWOT to be truly useful, it must be comprehensive. Plan to do some real research into your brand’s assets, liabilities, and external threats and opportunities.<\/p>\n If you don’t take the time to really look, you may miss important factors. And it’s discovering these potential unknowns that provide the most value.<\/p>\n Be realistic.<\/strong> The goal of any SWOT analysis is to make better choices that are informed by a deeper understanding of your situation. You can only succeed if you’re honest about your threats and weaknesses and your strengths and opportunities to combat them.<\/p>\n Your SWOT analysis should begin with an earnest look inward at your business and\/or brand.<\/p>\n Objectively identifying your brand’s strengths and weaknesses allows you to capitalize on those strengths and improve or accept your weaknesses.<\/p>\n This perspective will allow you to lean into situations your brand strengths will help you master.<\/p>\n Conversely, you can make informed decisions about what challenges or threats your business is ill-equipped to tackle.<\/p>\n We’ve shared a list of SWOT questions to ask later in this article to help you get started. But you know your business better than anyone. Be sure to add additional questions and compile as complete a list of strengths and weaknesses as possible.<\/p>\n Then view all of these assets and liabilities strategically in relation to the opportunities and threats you discover in the next section.<\/p>\n Once you’ve reviewed your internal challenges and resources, it’s time to focus outward and create a list of opportunities and threats.<\/p>\n The world around you is full of threats and opportunities you may never have considered. This is your chance to get those unknowns on your radar so your brand can act accordingly.<\/p>\n The opportunities and threats you identify can then be prioritized and reviewed through the lens of the strengths and weaknesses you’ve already identified.<\/p>\n Look for opportunities that mesh well with the assets your business possesses. And decide whether to meet a threat head-on or avoid it based on your likelihood of success with your current resources.<\/p>\n Check out our list of starter questions below. We hope they’ll give you a great jumping-off point for your own SWOT Analysis. But, don’t forget to ask industry-specific questions for your field.<\/p>\n Gathering information is great. But, what you can do with that information is truly worthwhile.<\/p>\n Once you’ve compiled all of your threats, opportunities, weaknesses, and strengths, it’s time to plan some action. How can you redirect your brand in a stronger direction using the new perspective you’ve gained?<\/p>\n The answer to that question is as unique as each business. Some brands will be able to tweak what they do. Others will need to consider a complete rebrand<\/a> and a pivot.<\/p>\n But, with your analysis complete, you’ll have the high-level perspective you need to make the best choices for your brand.<\/p>\n![](\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/cs-200px.png\")
<\/div>\nEssential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div>Essential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div>Essential Branding Toolkit for Entrepreneurs<\/h2>
Get your free branding toolkit<\/i><\/a><\/div><\/div><\/div><\/p>\nWhen is SWOT the right tool…<\/h3>\n
Who should do a SWOT analysis?<\/h3>\n
How to do a SWOT analysis correctly<\/h2>\n
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<\/p>\nInternal: Strengths & Weaknesses<\/span><\/h3>\n
External: Opportunities & Threats<\/h3>\n
Questions that can help you conduct a SWOT analysis<\/h2>\n
Strengths<\/h3>\n
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Weaknesses<\/h3>\n
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Opportunities<\/h3>\n
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Threats<\/h3>\n
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After the SWOT – what to do next<\/h2>\n
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