| Why do SWOT Analysis | | | | creative your employees will be during this meeting. I |
| As a retail owner or a manager you need to learn | | | | recommend that at the end of this meeting each |
| more about your company. There is a powerful tool | | | | group makes a presentation and has an opportunity |
| called SWOT (Strengths; Weaknesses; Opportunities; | | | | to ask questions and have a discussion. |
| Threats) Analysis that will help you to do this | | | | Strengths |
| research. What are your company's strengths and | | | | Strengths are resources and capabilities that can be |
| weaknesses? Are there opportunities in the future? | | | | used as a basis for developing a competitive |
| Is the company facing any external threats? | | | | advantage. Think about what do your company |
| Why is it good to do? Because all successful | | | | (store) does well. Use your customers' point of view |
| businesses build on their Strengths, need to improve | | | | - how do your clients see and describe your |
| their Weaknesses, use Opportunities and be aware | | | | strengths? |
| about Treats. You can use SWOT analysis for | | | | Examples |
| business planning or strategic planning, competitor | | | | Good reputation among customers |
| evaluation, marketing, business and product | | | | Excellent customer service |
| development, etc. | | | | Superior product performance vs. competitors |
| You can be more specific and evaluate only one area: | | | | Cost advantages |
| 1. Product (what are we selling?) | | | | Direct delivery capability |
| 2. Process (how are we selling it?) | | | | Weaknesses |
| 3. Customer (to whom are we selling it?) | | | | The absence of certain strengths may be viewed as |
| 4. Distribution (how does it reach them?) | | | | a weakness. Is it anything you could improve? What |
| 5. Finance (what are the prices, costs and | | | | are the areas for improvement? List the areas that |
| investments?) | | | | are a struggle. What do your customers complain |
| 6. Administration (and how do we manage all this?) | | | | about? What do your customers see as your |
| SWOT Analysis Advantage - free and fast! | | | | weaknesses? |
| The great advantage of using SWOT Analysis that it | | | | Examples |
| is free! You and your team could also generate new | | | | Poor reputation among customers |
| ideas about how your company (store) could use | | | | Customer service staff needs training |
| strengths to defend against threats in the market in | | | | Large administration component |
| a very short period of time. You will analyze how you | | | | Lack of following-up procedures |
| could maximize strengths and minimize weaknesses, | | | | Small market presence |
| use internal and external opportunities and overcome | | | | Opportunities |
| threats. It is also a great team building activity. | | | | Try to uncover areas where your strengths are not |
| How to use this technique | | | | being fully utilized. Are there new opportunities that |
| You will need to organize a brainstorming (40 min to | | | | will arise soon for your company? How can you turn |
| 1 hour) meeting with your team. If you have a large | | | | your strengths into opportunities? Is there a product |
| team, you can divide it into groups of 5-6 people. | | | | service area that you could do well in but are not yet |
| Explain to your team the purpose of the meeting and | | | | competing? |
| the rules of brainstorming activity. They are: do not | | | | Examples |
| no criticize or judge, welcome any ideas, respect | | | | New technologies |
| others point of view, focus on quantity not quality, | | | | New market niche |
| and record ideas and thoughts. | | | | Loosening of regulations |
| Provide the details of the SWOT Analysis. Give each | | | | Removal of international trade barriers |
| group a prepared flipchart. In order to make it, just | | | | Local competitors have worse products |
| draw two lines to make 4 squares. Write the titles | | | | Threats |
| for each square. A square on the top left will be | | | | Look both inside and outside of your company for |
| Company Strengths; the square below it will be | | | | things that could damage your business. Can your |
| Opportunities, the square on the right - Weakness, | | | | weaknesses become threats? Internally, do you have |
| and the last one - Threats. Let your team brainstorm | | | | financial, development, or other problems? Externally, |
| and write down all the ideas they have. | | | | are your competitors becoming stronger, are there |
| You will be very surprised about how active and | | | | new trends? |