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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
SWOT analysis has been studied, re-studied, and expanded at length, and can be enlightening in assessing your organisation’s current health and position.
SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) helps you to identify and categorise both internal attributes (strengths and weaknesses) as well as external factors (opportunities and threats) that have an impact on your business.
When you can identify all of these factors, you can use leverage your assets and opportunities and avoid problems presented by your weaknesses and threats. Here we go:
This is the easy part. It’s satisfying to think about all the things your organisation does well, but take a step back and really analyse the situation. Be realistic in your analysis and get an outside point of view if at all possible. Ask yourself the following questions:
As you answer these questions, think about how your organisation compares to your competitors. If all of your competitors offer products of the same high quality, then high quality isn’t really a strength. Look for the strengths that give your business a unique position and edge.
Don’t get down on yourself; every business has weaknesses. Try to see your weaknesses as areas for improvement. If you didn’t have any weaknesses, you’d have no room for growth or improvement. Answer these questions:
You’ll find that instead of feeling discouraged after this exercise, you feel motivated to conquer your organisation’s weaknesses. Understanding your weak points can help you to find solutions.
As you think about your organisation’s opportunities, read through your answers to the “Strengths” and “Weaknesses” questions. These answers should help you to see where your opportunities lie.
For example, as you listed your resources and connections, maybe you thought of resources and connections you would like to have. As you thought about your departments that struggle, maybe you got ideas about ways you could improve them.
Threats are the things you worry about: the competition, unknown factors in the economy, changes in rules and regulations, technological changes, cash flow problems, etc. In most cases, naming the threats can help you to worry less. When you know your specific threats, you can take pro-active measures to reduce the threats and take control.
You may be surprised how illuminating SWOT analysis can be. What felt like huge threats can suddenly seem like opportunities. You can focus on the issues that may cause instability while taking advantage of the resources and strengths you already have.
That’s our 10-minute SWOT guide for you. Even if you use these quick questions to nail down your strengths, weaknesses, opportunities, and threats, you will get illuminating answers to the issues that have concerned you. The analysis is also a powerful tool for inclusion in your overall business plan.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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