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Conduct A SWOT Analysis
As basic as it may sound, to conduct a SWOT analysis is still a great framework to use to evaluate a company's strengths, weaknesses, opportunities, and threats. It's like a check-up for your business. Here's an example of what a SWOT analysis might look like for a bakery:
Strengths:
High-quality ingredients
Excellent customer service
Convenient location
Weaknesses:
Limited menu options
High prices
Limited online presence
Opportunities:
Expand the menu to include gluten-free options
Partner with a local coffee shop to increase foot traffic
Offer catering services
Threats:
Competition from other bakeries in the area
Changes in consumer preferences
Economic downturns
Now, take a little time to sit down with your team, which could be the leaders of your company or the leaders in your department, to determine your strengths, weaknesses, opportunities, and threats. You will likely discover the one thing that changes the way you do business forever. This step is simple but effective. Let’s move on to step 2.
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