SWOT analysis = A study that a company conducts to identify internal strengths and weaknesses, as well as external opportunities and threats.  Particularly helpful to undertake before making your business plan.

Let’s face it, as much as we don’t want to compare ourselves to our competitors, it’s still important to know what is going on in the industry.  You need to know how to position your company in order to gain more visibility and to grow.  How do you do that?  Start by undertaking a SWOT analysis.  SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.  By looking at these internal and external factors, you can figure out how to best leverage your business, and you can make actionable plans to get you there.

For example: Maybe you’re great at social media but you’re slacking on your email marketing.  One possible solution?  Repurpose your social media content for email campaigns for your retailers.  Tailor your emails so that you’re adding value and providing information that helps your retailers buy.  You could use social media and email in tandem to release sneak peeks of new products, talk about promotions or share upcoming show announcements.  If bookkeeping is your weakness, maybe you can hire someone to help track your finances.  When you make an honest assessment of your company, you can use the results to improve.

Tip: a SWOT analysis can be conducted on different aspects of your business, as well as the big picture.  You can do a more focused analysis on just your marketing efforts, your website, and more.  Click here to download a free TSBC SWOT analysis worksheet.

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