SWOT Analysis: Defining the Threats for your Business

August 6, 2009 at 7:00 am 2 comments

Creative Commons License

Creative Commons License

Today is the T day of our SWOT Analysis.  We have defined the Strengths, Weaknesses, and Opportunities.  Today, we’ll be defining the Threats to our business.  Threats come from outside factors to your business.  It is useful in identifying the threats to your business so that you can be watchful and aware of them.  Knowing your threats will help you make better business decisions.

Take 15-30 minutes today to work on defining the threats to your business.  These are the challenges you will face along the way.  Here are some helpful questions and tips for defining your business threats:

  • Look at the economic, social, and political climate. How can changes in these factors present threats to your business?
  • What is happening within the wedding industry?  Are there changes that could be challenges to your business?
  • Talk about other professionals in your segment (both your competitors, and your non-competitors).  Do they present any threats in market share?
  • Is anything happening locally that could affect your business negatively?  Nationally? Internationally?
  • What are the market trends?  Are they moving with your business or in another direction?
  • Are there any economic factors that affect your suppliers?  How can these factors present a threat to your business?
  • Is your reputation at risk in any way?

Those are some scary questions, aren’t they?  But, it feels better knowing the imminent threats to my business.  It helps me understand where I need to go and how I can change my business to adjust for those threats.

On Monday, we’ll tie it all together.  We’ll take a look at what to do with all this great information.  Come back to the blog tomorrow for another awesome industry insider!

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Entry filed under: Excercises, Plan It, Strategy, SWOT Analysis.

SWOT analysis: Defining the Opportunities for your Business Insider to Insider: David and Corbin Baxter, Owners of Soulbox Productions

2 Comments Add your own

  • 1. Lisa Schneider  |  August 6, 2009 at 7:34 am

    Loving this SWOT analysis exercise. Learned the value of it in business school but never took the time until now to put it on paper for my own business.

    Reply
    • 2. Michelle Loretta  |  August 6, 2009 at 7:40 am

      Thank Lisa! Isn’t it funny how we learn these things in school and never truly apply? This is one of the most valuable tools… and SOOOOO easy to do.

      Reply

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