Friday, 22 June 2012

SWOT Analysis: Reviewing your business

This weekend I am carrying out a six month review of my business - I know, my exciting life knows no bounds ;)

I rope my boyfriend in to talking through my business plans at regular intervals, it's useful to get another point of view and to edit and review plans I have made. And of course to put pen to paper with new ideas for the future.

I've many grand plans for the months to come and hopefully will be making some big steps to take Stacie Swift Illustration forward.
One of the things I intend on doing as part of this weekend's review is carrying out a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
Probably familiar from GCSE Business Studies it's actually a really useful tool for focussing on the things you are doing well and those you could be doing better, and also consider external factors that may affect your business.

Here's one I've drawn up for lots of scribbling over and filling in:

A handy guide to the different parts (thanks Wikipedia) is as follows:

Characteristics of the business, or project team that give it an advantage over others

Characteristics that place the team at a disadvantage relative to others

External chances to improve performance (e.g. make greater profits) in the environment

External elements in the environment that could cause trouble for the business or project

Hopefully this will be useful if you too are thinking of analysing your business. If you want a copy of this SWOT analysis sheet... ta-da... you can download a free copy here!

SWOT Analysis

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