What is a swot analysis (and why it matters to your business)?
Running a law firm, or professional services business and struggling with your planning or strategy? Want to nail your marketing? A swot analysis is a huge part to make sure you are putting your best foot forward.
Why? Because understanding your businesses strengths, weaknesses, opportunities and threats are central to good decision making.
So, let’s jump right in! Write down notes on each being 100% honest with yourself.
1. Strengths - What you do well, qualities that separate you from competitors, internal resources like skilled employees, tangible assets like IP.
2. Weaknesses - Things your company lacks, what competitors do better, resource or other limitations.
3. Opportunities - Areas primed for growth, areas with few competitors, emerging needs
4. Threats - Competitors, regulatory environment, economic environment, customers view of your business.
So that’s it… now you have a clearer picture of what you're great at, where you need to focus and the issues that you need to address.
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