Regardless of how profitable your Nashville business is or how long you’ve been in operation, assessing your enterprise regularly and setting fresh goals is vital to establishing your continued success. The beginning of a new year is a great time to begin appraising where you are now and planning where you want to go.
What Is The Best Way To Complete An Analysis of My Nashville Business?
You can use the SWOT Analysis to help you determine what makes your business unique, identify untapped areas of your market, and explore what your competition is doing. Do a SWOT analysis this year as part of an effective process that will improve your decision-making ability.
What Questions Should I Ask Myself During A SWOT Business Analysis?
There are four different areas the SWOT analysis encourages you to dive into, and below you will find a list of those areas along with questions that will guide you in finding your best answers.
Think about your business’s strengths (and your own):
- What do you do best?
- What are your unique skills?
- What specialized knowledge and experience do you have?
- What do you do better than your competitors?
- Where are you most profitable in your business?
By determining your weaknesses, you can establish anything you’re doing that might obstruct your progress:
- What areas do you need to improve in?
- What resources are you lacking?
- What areas of your business could be more profitable?
- Where do you need further education and experience?
Identify the opportunities you have that will help you achieve your objective:
- What business goals are you currently working towards?
- How can you do more with your existing clients?
- How can you use technology to enhance your business?
- Are there new target audiences you have the potential to reach?
- Are there related products and services that could provide an opportunity for your business?
Consider external threats that could damage your business’s performance:
- What obstacles exist?
- What are the strengths of your biggest competitors?
- What are your competitors doing that you’re not?
- What’s going on in the economy?
- What’s going on in the industry?
I’m Anna-Vija McClain. As a small business owner myself, I have developed products and services for small businesses around the country to help them achieve all their business goals and dreams. From webinars to educational resources and more, I’m committed to helping you get where you want to go.