A SWOT analysis is an overview of your business, identifying strengths, weaknesses, opportunities and threats. Taking time to do it properly, involve the right people and learn from your findings gets business growth off to a great start. In this blog, we consider the question, “what is a SWOT analysis?” and look at how you can use yours to grow your business. 

What is a SWOT analysis?

SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis is your opportunity to look at each of these areas in turn, identifying points under each heading for your specific business. Used correctly, it’s a great business development tool. 

The strengths and weaknesses should be the good and bad things found within your organisation. They cover matters like personnel, premises, strategy, focus and product quality. Because they take place within your business, you have the power to address them. If you find your business lacks a team member with marketing knowledge, for example, you can either train someone up, recruit or outsource. 

Opportunities and threats are the good and the bad things happening outside your organisation. They include local matters like who your competitors are and the character of the area you serve. But they also include huge international concerns like supply chains, wars and global economics. While you cannot control the opportunities and threats themselves, you can control how your business responds to them.

How can I use a SWOT analysis to grow my business?

Once you’ve done your SWOT analysis, the next step is to examine your findings. 

Think back to your opinion of your business before you did the SWOT exercise – how accurate were you? If you were right then well done! But if you thought you were doing better than you were, do you need to invest more time in your business or deepen your understanding of how to run it? And if your initial opinion was pessimistic, could some business coaching help you improve your confidence? 

Then it’s time to look at each section in turn and note down action points.

Strengths

Strengths won’t necessarily give you many action points. These are things that are already working well. However, it’s important to note that they probably didn’t happen by themselves. If you have a strong team member, for example, think about what you did to recruit them and consider whether you could replicate the process to find another high-calibre employee. Also consider what you might have to do to keep your best team members so they remain a strength of your business.

Weaknesses

Weaknesses are the issues within your organisation that you have the power to control. So if you have identified that you need some new software, for example, you can solve the problem by investing in what you need. Even if you cannot afford it now, seeing the business weakness should help you plan ahead for the future spend. 

Opportunities

The list of opportunities should spur you into action too! Maybe you offer customer service training and a new shopping centre is about to open near you – could the retailers become your next clients? Or maybe you run a hotel by the sea – would businesses like to hold conferences there in your low season? You’ve identified the opportunities and now it’s time to act on them.

Threats

Some threats are easier to address than others. Professional bodies representing specific industries may respond to threats on behalf of their members, as happened with the rise in employers’ NI contributions. Joining one of these bodies will strengthen their voice and increase the chances of turning the tide.

Even if you can’t take direct action, identifying threats can help you be more aware of them, and manage how you respond. If, say, prices rise, examine your business and work out if you can make savings in other areas. 

The bigger picture

Acting on strengths, weaknesses, opportunities and threats will help you take control, tackle problems head-on and ultimately take your business forward. Incorporate them into your business strategy and goals – they’re your road map to success. 

Outsourced business support in your area

If your SWOT analysis has highlighted areas for improvement, Get Ahead can help. And if it’s time to take your business to the next level, take our quiz – reflect on your current processes and gain valuable insights to help your business grow. 

Personal branding is an intentional move to shape how others see you. With a strong personal brand, others will start to value you for what bring, helping you grow your business and further your career.

In this blog, we talk to branding expert Amy, who explains “what is personal branding?” and how to make it work for you.

What is personal branding? Is it the same as reputation?

Amy: It’s easy to confuse personal branding and reputation but they’re actually different. Your reputation comes from the impression you make: how good your work is, how you treat others and how you cope in a crisis. But your personal brand is something more intentional. Personal branding is consciously putting forward the qualities you want to be known for, like creativity, the ability to motivate others or the commitment to see a project through. 

Your personal brand starts to matter when you decide you want more from your role. Maybe you want to attract new investors or clients. Or if you’re employed, maybe you want a promotion or to move to another organisation entirely. When we see a new opportunity, our personal brand will show others what we have to offer and why we deserve to achieve. 

How do I build my personal brand?

Amy: Your personal brand has to be authentic to you. Think about who you are and what you do well. Why would you want to work with you? If that’s too big a question on its own, break it down. I encourage my clients to ask themselves these questions:

  • What motivates you? Are you naturally conscientious or are you excited for what a new project could bring? 
  • What sparks your curiosity? People? Industry innovations? 
  • Where do you want to get to? What do you want to learn? 

You might also think about some attributes that are often included in a personal brand and which ones you have. Think about your current role – not your job title, but the contribution you make by being the person you are. You might be an idea-generator, or a listener, or a problem-solver. You might be adaptable, committed, principled, or even courageous or entertaining. 

Decide which words best describe you…and start using them! 

I have a personal brand – what should I do with it?

Amy: The next step is to share your brand with those whom you think could help you move forward. A great start is to update your social media profiles, describing not just what you do but who you are. Writing your personal brand down like this will also help you crystallise it and give you some pithy phrases you can use in person too.

Once you’re feeling confident about your personal brand, reach out positively to the right people. You might ask someone in your organisation for a one-to-one, or meet a potential investor for lunch. Don’t be nervous – all you have to do is be yourself! You’ve identified what you have to offer and you should be proud to advertise it. 

Further down the line, you might find that your personal brand helps you to up your game. The more you show people you’re a creative innovator, or a compassionate listener, or a focused organiser, the greater the value of these qualities. And when we feel valued for what we offer, our offering becomes even stronger. 

Branding support from Get Ahead

If you’re feeling inspired to create a personal brand, Get Ahead can help. As well as Amy, we have a strong team of branding experts ready to help you find yourself and share it with the right people. With a strong personal brand, you can reach out and grab the next opportunity – what are you waiting for?