BLOGS & THOUGHTS

SWOT analysis is a very simple tool, but it really helps you to develop a business strategy, whether you are building a business or growing your company even better. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Strengths and weaknesses are internal to your company. things you can control and you can change. Opportunities and threats are external things that affect your business or things that happen outside your company in the larger market. You can take advantage of opportunities and protect against threats, but you cannot change them.

Businesses that use SWOT analysis to assess their current situation and determine strategies for moving forward. But remember that things are constantly changing and you need to reassess your strategy, starting with a new SWOT analysis every 6 to 12 months.

For beginners, SWOT analysis is part of the business planning process. This will help strategize so that you start off on the right foot and know where you're going.

Strength

Strengths are the internal and positive points of your company. These are things that are within your control.

• What business processes are successful?
• What assets do you have on your team, such as knowledge, education, network, skills and reputation?
• What physical assets do you own, such as customers, equipment, technology, funds, and product patents?
• What competitive advantage do you have over your competitors?

Weakness

Weaknesses are negative factors that reduce your strengths. These are things you may need to improve to be more competitive.

• Are there things you need to make your business more competitive?
• What business processes need improvement?
• Are there tangible assets that your company needs, such as funds or equipment?
• Are there gaps in your team?
• Is your position ideal to support your success?

Opportunity

Opportunities are external factors in your business environment that are likely to lead to business success

• Is your business market growing and are there trends that will encourage people to buy more of what you sell?
• Are there any events or events that can be used by your company in developing its business?
• Are there any regulatory changes that will have a positive impact on your company?
• If your business continues to grow, does that mean customers need your product?

Threat

Threats are external factors that you have no control over. You still have to consider this to prepare a contingency plan in dealing with problems that occur.

• Do you have potential competitors who could enter your market?
• Are suppliers always able to supply the raw materials you ordered at the right price?
• Could future technological developments change the way you do business?
• Is consumer behavior changing in a way that could negatively impact your business?
• Are there market trends that could be a threat?

As a general method, this SWOT analysis can only help analyze the situation faced by a company or organization. This means that in principle this method is not a definite answer that is able to provide a solution to every problem encountered. But on a small scale will break the existing problem by breaking it into parts that look simpler.

Kreatiklan's team can guide you to the right steps in your branding activities to achieve the results you want with your customers. Consider yourself to get the right branding strategy by contacting us info@kreatiklan.com or simply hit (+62) 87-780-561-569.