Working from Home – SWOT Analysis
Welcome to our fourth Working from Home blog post!
This week, we are focusing on a simple but incredibly useful lean tool, SWOT analysis.
Many of you may have heard of, our even used, SWOT analysis before. It is a great tool to get you thinking about the strengths and weaknesses of your business, and the opportunities and threats you currently face.
Using a SWOT analysis allows you to brainstorm and generate lots of ideas that can then be boiled down into a concentrated plan of action.
So, how do we do a SWOT analysis?
SWOT analysis can be conducted quite easily with just a pen and piece of paper!
If the focus of your SWOT analysis is large scale, such as your overall business, then it is often beneficial to have other key team members contribute to your brainstorming session. However, if your focus is something more personal, SWOT analysis can also be done individually.
The easiest way to begin your SWOT analysis is by drawing a simple 2-by-2 grid with sections labelled ‘Strengths’, ‘Weaknesses’, ‘Opportunities’ and ‘Threats’.
And then the fun begins!
Lets start by thinking about Strengths and Weaknesses, which are internal aspects of your business.
- Strengths: What are your strengths? What do you or your business do better than anyone else? Do you have any unique skills or resources that make you stand out from the competition?
- Weaknesses: What are your weaknesses? Is there something preventing you from achieving your goals, or an aspects of your current situation that you want to improve?
Opportunities and Threats, on the other hand, are external to your business. As you may have guessed, we want to take advantage of the opportunities and avoid threats that we face.
- Opportunities: Are there any current trends that could benefit you? What changes in current circumstances could improve your business?
- Threats: Are there any current trends that could be detrimental to you? Could your competitor’s actions negatively impact you?
Once you have carefully considered these four categories and compiled your notes, you are in a great position to create a plan of action. Specifically, you can focus on:
- How to make the most of your strengths?
- Ways to counter your weaknesses?
- Which opportunities to take advantage of?
- How to prepare for potential threats?
If you consider this in terms of the wide-scale move to working from home, perhaps you may identify things like:
- Strength: Committed staff! The team are pulling together to overcome this challenging situation.
- Weakness: Communication is more challenging now.
- Opportunities: We have time to do more forward planning and ‘background’ work, such as updating branding.
- Threats: Many competitors are putting a lot of work in to their digital presence. How do we make sure that we stand out from the crowd?
For more advice on being lean whilst working remotely, look out for the next post in our working from home series. Plus, if you would like to find out how we can help your business or organisation make its processes more efficient during this difficult time, please don’t hesitate to contact us!