By Amanda Clark. Published in theplumbermag.com

Here is a look at assessing the first two items when conducting a thorough SWOT analysis of your company’s operations…

Assessing the strengths of your business

When it comes to the ‘S’ in your SWOT analysis, the goal is to focus on those things that are positive and internal to your company. These are the good things about your organisation, including tangible and intangible strengths. Crucially, the strengths you list should all be within your control. (External factors, or positive forces and trends that are beyond your control, are counted as opportunities.)

When thinking about the strengths of your business, some key questions to ask include:

• What does your business do well? What are the areas where your team really excels? In what ways do you meet or exceed all your competitors?
• What are the internal resources that your company boasts? These resources may include positive attributes of your employees, such as unique skills, education, training, credentialing, connections, and reputation. They may also include tangible assets that your company possesses. Think capital, credit, an existing customer base, technology, and equipment.
• Compare yourself with local competitors. Are there any areas where you see yourself having a distinct advantage?
• Is there anything about your culture that provides a competitive edge; for example, do you have high team morale, or high customer service standards?

These are the kinds of questions you can ask to ascertain the strengths of your business, any of which might be leveraged in a new business opportunity or key decision.

Counting your weaknesses

Taking stock of your weaknesses certainly is not as fun; nevertheless, it is an important step toward clear-eyed decision-making.

Weaknesses are any internal negative factors that impact your business. These are the areas where you need to make some improvements to be more competitive within your field.

Some questions to prompt your weakness analysis: 

• What are some factors that are within your control that make it more challenging for you to compete or to serve customers in an optimal way?
• What are some of the areas where you or your team could improve to reach your business goals?
• What are some things your business lacks that you wish you had? For example, a certain kind of equipment, or expertise in a particular field.
• Are there any downsides to your business location?
• Are there ways in which you feel like your business has constrained resources?

These questions may be a little uncomfortable, but again, they are crucial for making an honest assessment of where your business stands.