22 Aug Your Startup’s Gone Off Track? Try a SWAT Analysis
A SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats, is used by marketers and growth-hackers like us all the time to come up with creative opportunities for growth for a startup or business.
Essentially, brainstorming and answering the question “What are my biggest strengths, weaknesses opportunities and threats” will get you to see how each of these factors interact with each other and how your threats and weaknesses can actually be turned INTO your biggest opportunities and strengths.
Doing a SWOT analysis will help you identify external and internal factors that can affect your business both positively and negatively.
Your threats could be your biggest opportunities if acted upon.
Often times we get caught up in doubting ourselves when we see our competitors, but that shouldn’t be the case. Your threats can be used as benchmarks on where and how you need to grow.
For example, you see that X company is building a similar product as you in the same market. (i.e. country, city, demographic) What do you do?
Option #1 : Watch and monitor their progress — trying to guess their next step.
Option #2: Reach out to the founder and ask them for a coffee- saying that you are also in the same industry and want to share some insights
What is the outcome of Option #1?
Nothing. Absolutely nothing but wasted energy and time from your end.
Now, what is the outcome of Option #2?
For starters, the other company could decline your invitation which means — nothing. That’s right- you still don’t lose anything but a few minutes of time.
However, let’s say they do accept (perhaps out of curiosity) now there are endless opportunities available. You two could talk and share personal experiences of being in the industry, learn valuable insights from one another, you could decide to form a partnership and co-host an event giving you further exposure, truly there is nothing but pool of opportunity.
The goal is to turn a potential threat into an opportunity
All in all, it’s important to do a SWOT analysis during every stage of your startup as it’s expected that throughout time, they will change. By conducting the SWOT analysis you should be able to see where you have opportunities that are lying dormant and most times they will be where you least expect them.
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