A strength-weakness analysis describes the strengths and weaknesses of your business. You also clarify the opportunities and threats in the market. In 5 easy steps, you can make your own strength-weakness analysis or SWOT analysis.
Tip: involve several people in the analysis. Also people outside your business and family, to avoid tunnel vision.
New target group?
A possible outcome of the SWOT analysis is that you need to look for a new target group. An example is an entrepreneur with a Lego shop who is also going to target adults. Or a handyman company that starts looking for customers in the business market. And not just work for private customers.
Money matters in order
Schedule an extra meeting with your accountant or bookkeeper. Then see how your finances are currently doing. Big changes are not always necessary. Sometimes you can make a difference with a few small adjustments. Clarify for yourself the viability of your business. And discover more opportunities.
Video: Determine the viability of your business
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Think about yourself too
A lot of your time and attention goes into your business. Especially now that business is down. Perhaps, in addition, you have concerns about your employees. But do not forget yourself. If you are healthy, then you can put your best effort into getting your business on top. Worries piling up can result in mental health problems. Business psychologist Lea Donselaar advises seeking help in time. "That is quite a step. Because you are convinced that you should be able to manage on your own and do not want to show any weakness. Realise that these feelings will not just go away. Talk to someone close to you and look for solutions together."
KVK Advice team
Do you want to consult about mapping out your situation? Call the KVK Advice team 088 585 22 22.