Business Planning

Undertaking a SWOT analysis is a useful way to refresh your marketing. It looks at the Strengths, Weaknesses, Opportunities and Threats facing your company or product.

The strengths and weaknesses relate to internal factors, some of which can be influenced or changed. The opportunities and threats are external factors, which often cannot be changed.

Once you have conducted a SWOT analysis you will be able to consider how you can make the most of the strengths and opportunities you have identified, and what you can do to minimise the weaknesses and threats. There are a number of points to consider in your analysis. Make sure you include action points from the SWOT in your marketing plan. For example, if your quiet location is a strength you need an action point that says how you will stress the benefits of your quiet location on your website and in other promotional information.

Strengths

  • Your location: is it easily accessible, convenient, obvious and simple to find?

  • Staff: are they professional and friendly? Do they have some special skills such as languages that make you superior to your competitors?

  • Service: do you offer a good level of service or comfort, or perhaps an unusually broad range of services?

  • Marketing: do you have a high profile, strong established market or use innovative marketing methods?

Weaknesses

  • Your location: perhaps it is the reverse of the above?

  • Reputation and image: could it be better?

  • Staff: do they need more training or perhaps you have staff shortages?

  • Services: could they be more efficient or better in some way?

  • Internal problems: these could include bad organisation, or reactive instead of proactive management. 

Opportunities

  • Trends or fashions: consider, for example, the increased interest in certain activities, such as golf or walking.

  • Changes in population: can you take advantage of the fact that more senior citizens are living longer, with a greater disposable income?

  • Developments: are you making the best of technological changes, like the expansion of the internet?

  • Promotional opportunities: look for campaigns in which you could participate, such as those offered by VisitBritain, targeting a particular market.

Threats

  • Competition: what are your competitors up to? Perhaps there are some new developments which might affect your business?

  • Economic effects: consider whether there is a recession, high inflation or unemployment, for example.

  • Developments: changes may be negative as well as positive.