1. Identify the strengths
Your strengths are what separate you from your competition and deliver value for your customers – the things you’re doing better than anyone else. Your strengths can be anything from a highly skilled workforce or a unique product, to a great HR team and strong senior management. Think about your core skills, where you make money from and the things you have plenty of experience in.
Although you may be conducting your SWOT analysis with the intention of improving your business, be sure to take time to fully identify all the strengths of your business. For example, you could have a truly unique product, you may have found a new use for a common product, or perhaps your team culture is very effective. Knowing what sets you apart will inform what areas you should focus on.