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How SWOT Analysis Can Help Your Business Grow a Lot

How SWOT Analysis Can Help Your Business Grow a Lot

There are so many options when it comes to assessing the performance of your business that it can be hard to know which to choose. SWOT analysis is a popular tool that helps you to assess the strengths and weaknesses of your organisation, and identify the threats and opportunities that could affect your future. [1]

    Read on to find out how a SWOT analysis could help your business grow.

    Why SWOT analysis is so powerful

    SWOT analysis is so helpful as it combines both internal and external factors to paint a completely clear picture of where your business currently stands, and where it’s likely to be in the future.

      Other techniques might be great at helping you assess your own organisation, but could ignore serious threats from competitors. An analysis that’s too insular could also miss key opportunities for growth and development outside the business.

      On the other hand, focusing solely on external factors means you’re reliant upon the actions of others, which takes control out of your hands and limits opportunities for internal improvement.

      Carrying out a SWOT analysis ensures you get the right balance of internal and external factors.

      When should I use a SWOT analysis

      A SWOT analysis can be helpful in many areas of your business, and we’ve listed some suggestions below:

      • When setting new business objectives

      • To analyse existing strategies

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      • When planning projects

      • When monitoring project/strategy success

      • When planning your marketing strategy

      There are no strict rules about where and when to use a SWOT analysis. As a general rule, they’re useful anytime you’d like to assess your current strengths and weaknesses and look for opportunities for growth.

      How to do a SWOT analysis

      Wondering exactly what a SWOT analysis looks like? Here are some key questions you should ask for each section.

      Strengths

      • What’s your unique selling point?

      • What do you do better than any of your competitors?

      • Which aspects of your organisation are particularly strong?

      • Which factors make customers choose you over similar businesses?

      • Which product or service makes you stand out from the crowd?

      Weaknesses

      • Where is there room for improvement within your business?

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      • Which factors cause you to miss out on sales?

      • Which area of your business has consistently encountered problems?

      • What about your business are customers likely to perceive as weakness?

      Opportunities

      • Are there any current trends you could take advantage of?

      • What changes in your market could provide opportunities for growth?

      • How can you take advantage of changes in policy?

      • Are there any local events you could become involved with?

      Threats

      • What are your competitors doing? Is this a threat to your business?

      • Could changes in your market negatively affect your business?

      • Do you have any quality issues?

      • Do you have any issues with cash-flow or debt?

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      • How seriously could these threats affect your business?

      Still not exactly sure what your SWOT analysis should look like? Check out the full examples below for inspiration.

      Example SWOT analysis 1

      You run a fast food shop that’s been experiencing a drop in sales, and conduct a SWOT analysis to find out why. Here are the results.

      Strengths

      • Cheaper food than any nearby shop.

      Weaknesses

      • High staff turnover – many staff are not fully qualified.

      • Scored very poorly on several recent health inspections.

      • Food quality much lower than nearby shops.

      Opportunities

      • New nightclubs are opening in the surrounding area, which will increase the number of customers late at night.

      • A local competition for best fast food shop is taking place soon.

      Threats

      • The increase in online review sites means that people can read negative reviews of the shop when deciding whether or not to visit.

      • A new chain fast food shop is opening down the street.

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      In this analysis, we can see that the weaknesses of the fast food shop outweigh the strengths – this is a key warning sign. Looking for ways to remedy the current weaknesses, and taking advantage of the listed opportunities should help this business to grow.

      Example SWOT analysis 2

      You run a small toy shop on a busy high street. You’d like to increase the growth of your business and decide to carry out a SWOT analysis. Check out the results below.

      Strengths

      • More unique toys than nearby shops.

      • Very friendly and personalized service, excellent staff.

      Weaknesses

      • More expensive toys than competitors.

      • Brand not as well established as big chain toy shops.

      Opportunities

      • Local children’s hospital is holding a big event to encourage toy donations. Sponsoring the event and donating toys could improve the company’s brand image and lead to positive publicity in local media.

      • A certain brand of toy is trending on social media. Focusing marketing efforts on this toy will encourage customers to visit.

      Threats

      • A large chain toy store is opening across the street and could threaten sales.

      • Video games are becoming more popular than traditional toys.

      In this analysis, we can see that the business has some key strengths and opportunities that can be of use when deciding how to deal with threats. Focusing on providing great service and building a good local image could help our small, independent toy shop deal with the threat of chain toy shop opening across the street.

      If you want to get a clearer idea of how your business can grow and improve, carrying out a detailed SWOT analysis is a great place to start.

      Reference

      [1] Mind Tools: SWOT Analysis

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      Eloise Best

      Eloise is an everyday health expert and runs My Vegan Supermarket, a vegan blog and database of supermarket products.

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      Last Updated on October 13, 2020

      How to Get Promoted When You Feel Stuck in Your Current Position

      How to Get Promoted When You Feel Stuck in Your Current Position

      Have you been stuck in the same position for too long and don’t really know how to get promoted and advance your career?

      Feeling stuck could be caused by a variety of things:

      • Taking a job for the money
      • Staying with an employer that no longer aligns with your values
      • Realizing that you landed yourself in the wrong career
      • Not feeling valued or feeling underutilized
      • Taking a position without a full understanding of the role

      There are many other reasons why you may be feeling this way, but let’s focus instead on learning what to do now in order to get unstuck and get promoted

      One of the best ways to get promoted is by showing how you add value to your organization. Did you make money, save money, improve a process, or do some other amazing thing? How else might you demonstrate added value?

      Let’s dive right in to how to get promoted when you feel stuck in your current position.

      1. Be a Mentor

      When I supervised students, I used to warm them — tongue in cheek, of course — about getting really good at their job.

      “Be careful not to get too good at this, or you’ll never get to do anything else.”

      This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some truth in doing something so well that your manager doesn’t trust anyone else to do it.

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      This can get you stuck.

      Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:

      “Think back to a time when you really enjoyed your current role…You became known for doing your job so well that you built up some strong ‘personal brand’ equity, and people know you as the go-to-person for this particular job. That’s what we call ‘a good problem to have’: you did a really good job of building a positive perception about your suitability for the role, but you may have done ‘too’ good of a job!”[1]

      With this in mind, how do you prove to your employer that you can add value by being promoted?

      From Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

      Consider leveraging your strengths and skills.

      Let’s say that the project you do so well is hiring and training new entry-level employees. You have to post the job listing, read and review resumes, schedule interviews, make hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

      Are there any team members who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

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      1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
      2. As a mentor to a supervisee or colleague, you empower them to increase their job skills.
      3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job and creating team players.

      Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

      2. Work on Your Mindset

      Another reason you may feel stuck in a position is explained through this quote:

      “If you feel stuck at a job you used to love, it’s normally you—not the job—who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”[2]

      In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings to help you learn how to get promoted. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

      Don’t express frustration. Express a desire for more.

      Present your case and show your boss or supervisor that you want to be challenged, and you want to move up. You want more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and the positive mindset you’ve cultivated.

      3. Improve Your Soft Skills

      When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills[3].

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      Use soft skills when learning how to get promoted.

        According to research, improving soft skills can boost productivity and retention 12 percent and deliver a 250 percent return on investment based on higher productivity and retention[4]. Those are only some of the benefits for both you and your employer when you want to learn how to get promoted.

        You can hone these skills and increase your chances of promotion into a leadership role by taking courses or seminars.

        Furthermore, you don’t necessarily need to request funding from your supervisor. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

        Another way to improve your soft skills is by connecting with an employee at your organization who has a position similar to the one you want.

        Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of their meetings. Offer to take that individual out for coffee and ask what their secret is! Take copious notes, and then immerse yourself in the learning.

        The key here is not to copy your new mentor. Rather, you want to observe, learn, and then adapt according to your strengths.

        4. Develop Your Strategy

        Do you even know specifically why you want to learn how to get promoted? Do you see a future at this company? Do you have a one-year, five-year, or ten-year plan for your career path? How often do you consider your “why” and insure that it aligns with your “what”?

        Sit down and make an old-fashioned pro and con list.

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        Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

        Look at your lists and choose the most exciting pros and the most frustrating cons. Do those two pros make the cons worth it? If you can’t answer that question with a “yes,” then getting promoted at your current organization may not be what you really want[5].

        The two most important days in your life are the day you are born and the day you find out why. —Mark Twain

        Here are some questions to ask yourself:

        • Why do you do what you do?
        • What thrills you about your current job role or career?
        • What does a great day look like?
        • What does success look and feel like beyond the paycheck?
        • How do you want to feel about your impact on the world when you retire?

        Define success to get promoted

          These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your work friends over coffee.

          Final Thoughts

          After considering all of these points and doing your best to learn how to get promoted, what you might find is that being stuck is your choice. Then, you can set yourself on the path of moving up where you are, or moving on to something different.

          Because sometimes the real promotion is finding your life’s purpose.

          More Tips on How to Get Promoted

          Featured photo credit: Razvan Chisu via unsplash.com

          Reference

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