Five questions that will help you run a successful Business SWOT Analysis

Five questions that will help you run a successful Business SWOT Analysis

Whether starting, growing or pivoting your business, identifying your strengths within business SWOT is key. These strengths apply to both your company and you as an individual. Especially if it is aligned with your passion. We are so busy with our day-to-day survival, but its important to take a step back to reflect. And look at your business SWOT (Strengths Weakness, Opportunities and Threats) so you can act accordingly.

At DCC Accounting, we are lucky to work with our clients every step of the way. Whether growing the business or just starting out. With so many companies pivoting, identifying strengths and aligning them with a financial business plan can make all the difference.

Here are some simple questions to help identify the strengths for your business SWOT.

  1. What are the innate characteristics of your company? Or unique selling proposition?
  2. What does your company do well? And what makes your experience better?
  3. What do customers love about your product or service?
  4. What makes your company different from others in the industry? This ties to the unique selling proposition.
  5. What resources does your company have at its disposal? This can be financial, assets, knowledge or personnel.

As an example, a restaurant client of ours had to modify its unique selling point from attracting clients for its ambiance along with the products it offered. They looked strategically at their innate characteristics or strengths. And have pivoted to offer a completely new concept that still speaks to their strength as a company and passion as an individual. All while considering the resources at their disposal. The business SWOT analysis was key to their pivot and success.

We are with you throughout your entrepreneurial journey, from ideation and feasibility to maintenance and growth. Get in touch to learn about our, business advisory and accounting services.

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