How to Conduct an Effective SWOT Analysis to Tighten Up Your Business Strategy

How to Conduct an Effective SWOT Analysis to Tighten Up Your Business Strategy | Lyons HR

It’s a New Year – and it’s one for the books.

Moving forward, it’s more critical than ever to know your company’s position within your market and industry, and how and where you can help it grow in 2021. How can you best leverage your business resources in this new reality? What potential risks and rewards may be involved?

The entire global landscape may have tilted on its axis during the global pandemic, but you can still rely on some tried-and-true principles to strengthen your business standings. And one of them is conducting SWOT analyses to maintain and sharpen your competitive edge.

Tips for Using a SWOT Analysis to Better Your Business Plan in 2021

“SWOT” Spelled Out

A SWOT analysis gives you a detailed, unbiased awareness of your business as a whole, or of a specific product, service, or campaign. Whether you’re facing a tough issue or unsure of your current direction, it illuminates the important details so you can design an action plan based on each of these four areas:

  • Your strengths: Your company’s strongest elements, competencies, and key advantages related to your competition and target markets. Where do you really shine?
  • Your weaknesses: Missing links and key disadvantages to your ongoing success. Hint: If you don’t think you have any, you’re living in Lalaland. What’s missing from your business model or your team?
  • Your opportunities: Potential areas for growth and unique differentiation. These may include potential leads, events, target markets, and more.
  • Threats to your success: Potential obstacles to achieving your desired business objectives. Examples may include upcoming competitors, problems with investors, or unfavorable market developments on the horizon.

Common Denominators

The specifics of a SWOT analysis vary from company to company, but there are some areas that you should always keep on your radar screen:

  • Your customers: They come first. Utilize marketing and customer relations to hold on to current loyal followers, as well as grow your base.
  • Your competition: Never stop assessing who they are, what they do better than you, and how you can capitalize on their shortfalls. Find ways to differentiate your product or service. From here, you can build a strategy that sets your organization apart.
  • Your employees: Nurture them and offer them ongoing career growth options. Give your top performers what they want and need to advance, and call on them to be your employer brand ambassadors.

Could you benefit from additional resources and expertise as you conduct your SWOT analysis – or a partner with unparalleled talent management expertise to help lighten the load, so you can focus on business growth?

Looking to Grow in 2021? Contact Us for Help!

If this sounds like part of your 2021 business strategy, contact Lyons HR today. We’re a professional employer organization (PEO) providing comprehensive HR management solutions for small and mid-sized businesses, to help them operate more efficiently. Our flexible, customized services provide exactly the support your company needs.