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How to Do SWOT Analysis in 4 Steps With Examples

How to Do SWOT Analysis in 4 Steps With Examples

SWOT analysis is a tool for planning, especially strategic planning for your company. Follow these four easy steps to make a SWOT analysis for your small business. The goal is to assess your strengths and weaknesses as your internal elements and opportunities and threats as external elements.

So, you can use SWOT analysis to evaluate Strengths and Weaknesses as the internal elements, and Opportunities, and Threats as external elements of your business. SWOT analysis can have a broad range of applications.

How to Use Cause and Effect Diagram to Solve Business Problems

How to Use Cause and Effect Diagram to Solve Business Problems

Problems are always part of the businesses. The task of an entrepreneur is to detect and solve them. But besides discovering and removing the problems, entrepreneurs have to pay attention to their preventive removal, so they would never again harm the business. The cause and effect diagram, or as it is called a fishbone diagram, can help you in this.

What I can see when it comes to the problem-solving process that entrepreneurs employ is the following:

  • They partially solve the problem.
  • They solve the problem without removing the reasons for its occurrence.
  • They recognize reasons that are not essential for the occurrence of the problem.
  • There is a lack of an entrepreneur to see the problem-solving process as a business improvement process.

How can you avoid such undesirable things in your business?

The answer is simple, proper analysis of the situation, identifying root causes for the occurrence, and removing them, which will provide such a case never again to be part of a process.

Among the various tools for such an analysis is a cause and effect diagram, also known as a fishbone diagram or Ishikawa diagram.

22 Questions You Need to Answer For Your Competitors

22 Questions You Need to Answer For Your Competitors

Each entrepreneur wants his business to be alone in the market without competition. But, it is an unrealistic and probably unachievable situation, at least for a more extended period to operate without competitors.

Competition is something that you cannot avoid, regardless of the size of the business or industry and market in which it operates. Even if there is no competition currently, it doesn’t mean it will last forever and will not appear shortly.

You should not be afraid of competition. But, you must implement a strategic and systematic approach to analyzing your competition. After analysis, you will need to use that knowledge in your daily business operations and management of your business.

If you ignore your competition, you will have real problems, manifested through declining market share, lower sales, a decline in the number of customers, and yes, the most significant problems as cash-flow problems. These problems will destroy your business. The fact is that you can not allow yourself to ignore such possible problems.

Because of that, you will always need to ask yourself and answer the following questions related to your competition.

social media SWOT analysis

Social Media SWOT Analysis With 40 Questions

The concept of applying the social media SWOT analysis is a useful concept that can help you in your efforts to successfully build your presence on social media.

As you already know, SWOT analysis is an important and useful tool in your hands that can help you in future developments of your small business. So, why you don’t use the same tool to help you in creating a social media strategy for your brand in order to come as much as possible closer to your customers?

using google to improve offer

How You Can Use Google to Improve Your Offer for Your Customers?

Marketing is something that will help your small business to connect customers with your own business processes. That’s mean producing products and services that people will want and will buy from you. So, you need to always work on improving your offer to your customers.

On the other hand, technology development and the internet now can help marketers to make better analysis and decision.

10 Information Sources For Initial Market Analysis

A successful entrepreneur will always be able to choose the right products and/or services his company will offer to the customers on the market on which also exists competition. Probably someone before you have started a similar company and offered some type of products or services for the same persons on the market that you are targeting. So, before anything else, you will need to do an initial market analysis.

If there is still no competition, it is obvious that you cannot expect that it will be the same situation for a long time. The right products and services that you will need to choose to sell to your customers will become available to you only after you make the initial market analysis.