A while ago you know what a SWOT analysis was in general and why it’s important. This week we’re going to tackle the internal parts of your analysis; strengths and weaknesses.
The reason these are considered internal is because you’re assessing things that are totally within your company’s control. Even more so if you’re running the whole show by yourself. Your intenals may even be you analyzing who you are as a person. Internal factors are viewed as strengths or weaknesses depending upon their effect on the organization’s objectives.
What may represent strengths with respect to one objective may be weaknesses (distractions, competition) for another objective so it’s important to know you’re objective before you set out to analyze as well.
Your strengths are the positive aspects of your company that have the potential to help you get ahead. There are so many questions you can ask yourself to achieve this best.
- What is my competitive edge ?
- What do I do best ?
- Which resources are at my disposal ?
- What physical assets do I have ?
- What intellectual property do I own ?
Your weakness are all of the negative aspects of your company that have the potential to harm you in the long run by stopping you from operating at optimum levels. There are questions to ask yourself for that too !
- Which of my business processes could use improvement ?
- What are my physical liabilities ?
- What are my limitations ?
- Do I have the funds necessary to scale ?
- Do I have debt stacked up or equity missing ?
Now What ?
Now that you know what your strengths and weaknesses are you can reassess what you’re doing and better figure out where you want to go. For example, should you turn your weaknesses into strengths or should you switch gears to play off your strengths in a more efficient way ? Don’t forget that things change. Make it a rule to assess your strengths and weakness at least twice a year.