A SWOT analysis is a great business evaluation tool. The "W" in SWOT stands for identifying the weaknesses in your company. A SWOT analysis can help you evaluate where you might improve quality or acquire expertise. This is worthwhile because improving your internal operations can translate into increased market share. Here's determine where you can improve within your organization by writing the weaknesses in a SWOT analysis.
Instructions
1. Take a look at the competition. You cannot possibly know what your company is lacking if you don't know what your competition is doing.
2. Look at geographical and sociological factors of office and operation location. Consult general market data from your region to see if they are a contributing factor in the success for your business.
3. Do some market research. Enlist a research firm to analyze your customer base and learn what they expect. Take your findings and compare them to what your company provides.
4. Have a staff meeting. In most cases your staff will see things that you don't, including where problems lie. You may also want to provide an anonymous response avenue, such as a suggestion box, to aid in identifying weaknesses.
5. Collect your findings and organize them into groups under the weaknesses heading of your SWOT analysis. Be sure to include things like missing assets, lacking skills and unemployed resources.
6. Word your weaknesses carefully. These items need to be stated in the negative and you need to be specific with each weakness.
