In this post, I’ll discuss the last element of SWOT: Threats

Threats

Finally, you need to look at the threats to your business. Although we don’t like to think of them, we all face threats in our business. Many times, threats are out of our control. These can be a downturn in the economy (such as we have recently experienced), a shift in market demographics, or perhaps a new super store opening in your local area. It is vital to think about and be prepared for such events.

• What obstacles does your company face?
• What does your competition offer that could take business away from you or stunt your company’s growth?

Continue reading “Analyze Your Competition – Part 3″→

In this post, I’ll discuss the next two elements of SWOT: Weaknesses and Opportunities.

Weaknesses

Next take a look at your company’s weaknesses. This is not only from your perspective, but also from your competitors’ perspective. Yes, it is sometimes tough to think about your weaknesses. But to clearly understand your competitive advantage, you must be honest with yourself now and face any unpleasant truths so they can be resolved as soon as possible.

• What does your company do poorly?
• What things or activities should be avoided?

Continue reading “Analyze Your Competition – Part 2″→

As every business owner knows, success in business means offering something more compelling, more enticing than the competition. This three-part article will help you measure your strengths against your competitors. I also offers strategies and recommended solutions to take advantage of opportunities in the marketplace.

Continue reading “Analyze Your Competition – Part 1″→