Now that you’ve established the wider context, you need to understand how these trends relate to your business.
A SWOT analysis will highlight your strengths, weaknesses, opportunities and threats.
You may have already done one of these for your business in the past. Even so, now would be a good time to repeat the process. Make sure you consider the trends identified in exercise one and any important learnings from section two.
As you consider all this, remember to capture the potential actions you could take in response to your strengths, weaknesses, opportunities and threats. Add these to the list of potential solutions that you've been building throughout these exercises.
- What do you do well?
- What unique skills, assets or resources do you have?
- Where are the areas that you have seen success in the past?
- Where could you improve?
- Where do you lack resources, staff or skills?
- Where have you struggled in the past?
- Are there any changes in your market which might be beneficial?
- How can you turn your strengths into opportunities?
- Can you capitalise on any of the trends highlighted so far?
- What other opportunities are there at the moment (remember to consider your competitors, customers and partners)?
- Are any of the changes in your market likely to harm your business or put it at a disadvantage?
- How might your weaknesses harm your business?
- Will the trends highlighted so far negatively impact your business?
- What other threats are there at the moment (remember to consider your competitors, customers and partners)?
You will probably have come up with a wide range of different strengths, weaknesses, opportunities and threats, some more significant than others.
As a final step to this exercise, highlight the ones that you think will have the most impact on your business, your customers, partners or team.
These are the changes that you will carry forward to use in the next exercise, when we will prioritise the potential actions that you could take for the maximum impact.