SWOT Analysis – do your small business customers know how to conduct one?

SWOT Analysis – do your small business customers know how to conduct one?

Your small business customers should be using a SWOT analysis not only for themselves, but on their competitors as well. It helps them to fine-tune their business strategy, because it identifies internal and external factors that can help or threaten their business.

If you’re chatting with your small business customers and they tell you they’ve never conducted a SWOT analysis, it’s a good time to sit them down and show them how. It’s also something you might consider adding to your online small business resources – a template and a guide to accompany it.

SWOT analyses are a great way to explore potential solutions, identify potential barriers, choose an effective strategy, or revise an existing strategy. For example, if one of your customers is thinking of buying a competitor, then it’s a good idea to conduct a SWOT analysis on that business.

If you can educate your small business customers on how to use this tool, you’re giving them an effective means of examining their business and keeping it on track, especially if they’re planning on expansion and growth.

This is a good article to share with your small business customers.

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Glen Senior
Glen Senior

CEO Glen Senior has been helping small businesses start and grow since 1989. Along the way, he has published 6 books on small business development and business planning, created training courses, built e-learning platforms, and developed Microsoft USA’s Small Business Plus program which was delivered into 9 countries.Since 2005 Glen has focused on the banking sector and has built up an extensive knowledge of how banks can engage with the small business segment. He has presented at a number of small business banking conferences and is sought out as an opinion leader in this space.