3 Ways Creating A SWOT Analysis Can Save Money in Your Business in 2010

by Lisa Sims on January 11, 2010

We are now 11 days into 2010 and hopefully you are evaluating and implementing changes to make your business more profitable and productive. If you keep doing the same thing over and over and expecting different results, you, my friend, are practicing insanity. It’s time to try something new.

Is creating a SWOT Analysis near the top of your list of changes for your business? Are you asking what is a SWOT analysis? A SWOT Analysis is a strategic planning tools used to identify strengths, weaknesses, opportunities, and threats in any business. By taking the time to perform a SWOT Analysis, you can save your business money in three ways:

  1. Makes you take a realistic look at your business from the inside out.  Many of us get caught up in working in our businesses that we don’t have time to work on the business. By taking the time to perform a SWOT analysis, you can identify those business areas that are working well and others that need fine tuning. This may even help free up money that can be applied to other areas of your business.
  2. Encourages organization. Once you complete your SWOT, you can start strategizing on how you are going to organize your business operations differently. For example, how are you going to capitalize on new opportunities that have been discovered?
  3. Lead to more detailed business planning. Although the SWOT analysis is a simple tool, it can jumpstart you on your way to more detailed planning that can transfer a business from mediocre to great.

Does this convince you that it’s time to perform a SWOT analysis? I forgot to mention the best part about a SWOT Analysis: It’s free (except for the time that you commit to doing it)! Here’s a link to more SWOT Analysis information and a free template to get you started. Once you complete your SWOT Analysis, I would love to hear what you learned from the process.

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{ 4 comments… read them below or add one }

GD Jenkins January 27, 2010 at 11:12 am

Lisa,

Thanks for repairing the link. This is, and will be, a welcomed addition to any Business Professional’s Toolkit. Please keep up the good work, and continue to provide us with sound resources to increase our success quotient.

GD Jenkins

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BizMoneySaver January 27, 2010 at 8:09 pm

GD,

No problem! I will definitely keep everyone in the know with new resources to help us stretch our dollars while becoming successful.

Lisa

Reply

GD Jenkins January 21, 2010 at 1:25 pm

Lisa,

Just wanted you to know that I’m tracking with you. Great information on SWOT above. The hyperlink apears to resolve to the Paul Chaney – Digital Handshake book that you recommended.

Reply

BizMoneySaver January 21, 2010 at 2:37 pm

GD,

Thanks for the comment about the link. I need to stop trying to do 5 things at one time :>). I’ve corrected the hyperlink so that it points to the SWOT Analysis Template.

Thanks again,
Lisa

Reply

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