How can you identify opportunities for your business? COVID-19 has affected businesses all over Cambodia, tourism has dropped, people are spending less money, and not as many people are going out. This has meant that businesses need to pivot their business model and identify new opportunities to continue to grow.
The SWOT analysis is a simple and effective tool that can help you identify these opportunities.
S – Strengths
These are usually internal to your business.
– What do you do well?
– What separates you from other competitors?
– What resources do you have that are valuable? Think staff, branding, product design
– What knowledge do you have that others may not?
W – Weaknesses
Similar to strengths, these are focused internally. What does your business not do so well?
– What do you lack?
– What do your competitors do better than you?
– What are your limitations? Money, equipment, knowledge?
– What are you struggling with?
O – Opportunities
This is now more externally focused. What possibilities do you see for your business?
– What is the biggest opportunity to increase your revenue? New products, new customer?
– Where could you dramatically improve for your customers?
– Are there customers you could serve that you aren’t serving yet?
– Are there new products you could be offering?
T – Threats
What can you see in the future that might be harmful to your organization?
– What are the biggest financial threats?
– What are the biggest threats to your customers?
– Are there any bigger economical or environmental threats?
Using your completed SWOT, you can now come up with 4-5 key strategies for your business to pursue.
– Where are the opportunities and how are you best going to use your strengths to capitalize on these?