What is a SWOT analysis and why is it important
Change can be uncomfortable… even scary. Change is also transformation and growth, which is exciting and a breath of fresh air. If you think there’s no need for change, then it’s probably a better time than ever to evaluate your need for shaking things up. We’re not suggesting changing your name to “Littlejib”, wearing an eye patch, and leaving on your sailboat tomorrow… just because you love everything about pirates. We are however, suggesting you take stock of the status quo to make sure you are not stuck doing things the same way you always do them, just because the process isn't broken.
One way to purposefully embark on change is by doing a SWOT analysis, which stands for your Strengths Weaknesses, Opportunities, and Threats. The changes you make are able to open you up to opportunity, while the weaknesses you address can protect you from future threats.
At Indexic, we practice what we preach and we have gone through this exact process in order to be the best version of ourselves for you. Here are some of the results that came out of our SWOT analysis:
We are proud of how purposefully we designed our software for you.
We recognize the necessity of sharing the premium features of our products to elevate you to new heights.
We are thrilled to embark on new, exciting, and unexpected partnerships that are currently underway.
We are vigilant about how the growth of our team needs to complement our connection to you.
As usual, we believe that when you succeed then we succeed, so here are a few pointers on how you can take stock of your team's strengths and opportunities. This is how you take to control of your business strategy!
Strengths are the things that you do well and are often what your customers compliment you on. Here are some questions to help you determine the advantages your organization has:
What do you do well and what do others say that you do well?
What is your unique offering?
Weaknesses are features of your organization, your people, resources, systems, and procedures that could improve. You may also view these as the practices you should avoid.
What needs to be improved?
What do your competitors do better than you?
Opportunities are possibilities of doing something new, good, and better. It takes vigilance and the ability to take calculated risks in order to successfully seize opportunities that move your business upward and forward.
What trends could you take advantage of?
How can you turn your strengths into opportunities?
Threats are the outside forces that can negatively affect your business. It takes just as much awareness to spot opportunities as it does to spot threats and protect yourself against them.
What is your competition doing?
What threats do your weaknesses expose you to?
Look for connections between all four areas to see if you can use your strengths to leverage opportunities and likewise, mend your weaknesses to ward off threats.
We are committed to growing so that you benefit from our strengths and opportunities.