SWOT Analysis

Understanding the strengths and weaknesses of your product or service is key to building competitive advantage

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Overview

Understanding the strengths and weaknesses of your product or service is key to building competitive advantage. A thorough product SWOT analysis will help you to identify:

  • Strengths: what you do well?
  • Weaknesses: where do you need to improve?
  • Opportunities: what trends could you exploit to your advantage?
  • Threats: what obstacles do you face?

Once you have a clear understanding of your product’s strength and weaknesses, you can use the results of the SWOT analysis in your strategic decision-making process. A product SWOT analysis can be helpful in any of the following situations:

  1. You want to understand how your product/service compares to competition.
  2. You want to understand how your product/service needs to evolve in response to competitive threats
  3. You want to understand what external factors could favorably or unfavorably impact your   product/service.
  4. You want to benchmark a competitive product/service to see how it stacks up against your own.

How to perform a SWOT analysis

Internal Factors (Strengths and Weaknesses)

These internal factors in your table will be made up of things directly under your control as a business manager and company owner. It’s hard to take advantage of external factors before ensuring that your internal factors are on point. Luckily for you, internal factors are easier to identify, and they can be broken down into four easy components:

Financial resources, like income jobs, revenue, franchise, and investment opportunities

Physical resources, like your brick and mortar location, equipment, and other material inventory

Human resources, aka employees

Miscellaneous resources like current policies, programs, and procedures your business has developed. Any internal protocol tools that you’ve purchased, or business software systems to help with invoicing or client management (like Jobber) that you subscribe to would also belong here.

External Factors (Opportunities and Threats)

External factors are things your business cannot control. They can and do affect any type of business. Not all potential external factors will impact your business right now, but documenting them now will ensure you’re ready for them in the future.

Here are some examples of external factors outside of your company’s control:

Market trends, new products, and technologies, such as faster communication devices or software tools for business management

Potential threats of competition from new and existing businesses in your industry—this includes the potential for larger franchises to enter your market

Changes in customer needs, such as an increase in some service calls and a decrease in others

Legislative and economic regulations, such as impending minimum wage laws, health care legislation, etc.

Professional relationships with suppliers and anything that might change on their end

When should you do a SWOT analysis?

If you’re thinking about offering a new service, expanding to a new market, or changing your prices, just to give a few examples, a SWOT analysis is a great way to get a lay of the land before you commit to any one idea. Maybe you find out that a competitor has a monopoly on the new service you want to offer, but there’s a gap in the market in another area that you can swoop into.

In general, there’s no wrong time to perform a SWOT analysis. It is a good exercise to reveal business opportunities and threats, and it makes you aware of strengths and weaknesses that you need to remedy or use to your advantage. Go figure!

Low Cost

Leaders do not need an expensive piece of software or consultant to come in to guide them through the process. All leaders need is a spreadsheet and time to fill out a SWOT Analysis.

Comprehensive Data Integration

There is a lot of work required in creating a SWOT Analysis, and leaders can benefit from the combination of quantitative and qualitative information.

One Tool Can Tell Four Stories

While other evaluation tools may only be able to assess one scenario at a time, the SWOT process can tell a company four things at one time.