Company SWOT | SalesPlus MVP Coaching & Training

Introduction

Before developing the Business Plans needed for your company to ultimately achieve your Company Vision, you need to assess your company’s strengths, weaknesses, opportunities and threats (Company SWOTs). One of the reasons for writing your Company SWOT Statements is to help you identify the elements in your Company Vision that may not be realistically attainable. Identifying your Company SWOTs will also help you to recognize what challenges your Company needs to overcome as a result of limitations that currently exist.

As a business owner, you already possess in your head most of the information needed to create your SWOT Statements. You know what is happening in your business and your industry, and no doubt you probably attend national trade meetings and read trade magazines. Putting the information that exists in your head into writing will help you prioritize and focus on what is most important.

When developing your Company Business Plans you will make use of the answers you give to the following SWOT questions.

Instructions:

Please answer all the relevant questions that pertain to your situation. Type your response to each question by placing your cursor in the space following each heading, before clicking the submit button. Thanks!

Step 1 of 4

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Exercise 1: Company strengths

After reviewing the results of the following questions, you will write your 100-Word Company Strengths Statement by choosing the three to five strengths identified in the exercises that have the most potential for positive impact on your company’s future. Consider each of the strengths as something that can be leveraged by your company into additional business success.

Answer the following questions to help identify the strengths most important to your company’s future:

1. What are your management team’s strongest points? *

2. What is your management team’s most effective method for motivating employees? *

3. What are the attributes of your company leadership team? *

4. What are the greatest organizational strengths within your company? *

5. What current corporate beliefs, or aspects of corporate culture, are your greatest company strengths? *

6. Do your key management personnel have a great deal of business experience? *

7. In what way(s) is your sales department outstanding at selling company products and services? *

8. What are the positive elements of your written employee handbook, culture statement and other personnel procedures? *

9. What company strengths exist that deter competitors from entering into your primary business? *

10. What financial factors are strengths of your company? *

11. What is the most effective aspect of marketing in getting sales leads? *

12. Does your company have a low-cost manufacturing process? If so, what are the benefits from it? *

13. Is your company ISO-Certified? *

14. How are your products protected from being vulnerable to product substitution? *

15. Does your company have up-to-date and efficient information systems? *

16. What patents or other intellectual property and services are owned by your company? *

17. If your company is a retailer, does it have locations across from, or near to, regional shopping centers? *

18. What are your company strengths in creating new products? *

19. List any miscellaneous company strengths that exist. *

Creating your 100-word company strengths statement

After reflecting on your answers to the questions in the last exercise, select three to five of your most powerful and unique company strengths that will also have the most positive impact on your company’s future.

Using these strengths, write your Company Strengths Statement in 100 words or less. The following is an example of one company’s 100-Word Strengths Statement.

Our strengths are our reputation for quality workmanship in our products and a talented, experienced engineering team. Our firm is also renowned for the unusual level of customization we offer at very reasonable pricing levels. Our product line in our niche market, namely specialized framing brackets, custom bar-joists and angled girder plates, has been exceptionally successful. We have a core group of loyal customers who count on our precision components to "fit first time, every time." Our consistently meeting and even exceeding our customers' expectations results in a high rate of repeat business from shopping center and commercial building constructors.

Create your 100-word company strengths statement utilizing the information identified in this exercise.

Create your 100-word Company Strengths statement *

Exercise 2: Company Weaknesses

Your 100-Word Company Weaknesses Statement will list the weaknesses that limit your company’s success and emphasize your company weaknesses that exist to a greater degree than your primary competitors.

After reviewing the results of the following questions, you will write your 100-Word Company Weaknesses Statement based on the weaknesses found in the exercises that will have the greatest negative impact on your company’s future.

1. What factors in company leadership are potentially creating company vulnerability? *

2. What shortcomings exist among your personnel in terms of skills, personality traits or competencies? *

3. What aspects of your marketing team are least effective? *

4. What aspects of your sales team are least effective?

5. What personal weaknesses do you, the business owner, possess that negatively affect your company’s success?

6. What weaknesses does your company possess that are greater than those of your primary competition?

7. What company characteristics are responsible for product or service failure in reaching current sales projections?

8. What financial situations exist that have a negative effect on your company?

9. What operational weaknesses exist within your company?

10. What factors exist that have the potential to become weaknesses in your company’s future?

11. What are the major weaknesses of your management team?

12. List any miscellaneous company weaknesses that exist.

Creating your 100-word company weaknesses statement

After reflecting on the answers you provided for Company Weaknesses questions above, select the three to five weaknesses listed that have the most potential to create a negative impact on your company’s future.

This step can be one of the hardest to complete in the entire process, but it is also one of the most vital. You must look at your company as objectively as possible in order to clearly recognize the areas where it is weakest. Avoid using a long narrative to “explain” the weakness or negative pattern. This is a defense mechanism that will cloud the main issue.

The following is an example of one company’s 100-Word Company Weaknesses Statement:

Our weaknesses include the lack of a strong management team to grow the business. Our production managers have drifted into bad habits that have led to quality control problems. We have no formally designed sales structure or systems for prospecting for new business. My brother-in-law's lack of timely response to requests for action is causing problems with my other salespeople and may cause them to leave. Research and development is being neglected which has caused the company to fall behind in new product development.

Create your 100-word company weaknesses statement utilizing the information identified in this exercise.

Create your 100-word Company Weakness statement *

Exercise 3: Company Opportunities

When developing your 100-Word Company Opportunities Statement, don’t make the mistake of looking only at new markets or products. It is important to also identify what opportunities exist that if capitalized on by the company could have a major positive impact on the company, and to look at the activities within the company that are not needed, or can have a great impact if eliminated, changed or improved. New technology creates steady change in possible opportunities. Always identify opportunities within a timeframe.

After reviewing the results of the following questions, you will write your 100-Word Company Opportunities Statement based on the opportunities you identify.

1. What current, or new, technologies exist that could increase production levels for your company? (updating equipment may reduce the cost of producing current products)

2. What opportunities exist to improve the skills and effectiveness of your personnel? (current high unemployment levels provide experienced labor pool from which to hire)

3. What trends exist on which your marketing and sales team can capitalize? (aging population is increasing with more expendable income)

4. What current financial situations exist that could potentially benefit your company? (current low interest rates give opportunity to buy a building with low mortgage cost)

5. What new technology is available, or will soon be available, to lower costs? (new software for client management will be available within 60-90 days)

6. What opportunities exist within your sphere of influence to strengthen your business? 7. (acquaintance may be interested in coming into the business or becoming strategic partner)

7. What opportunities could you take advantage of to strengthen the business effectiveness of your management team? (outside training such as seminars, keyboarding class)

8. What newly available—or soon to be available—technology may create a need for a new product or service?

9. Is there easy entry into a new business marketed to your current customers?

10. Is there easy entry into a new market selling current products to new customers?

11. How are your major competitors vulnerable?

12. What opportunities for improved operations exist for your company?

13. What opportunities exist related to industry trends and customer buying trends?

14. List any miscellaneous company opportunities that exist.

Creating your 100-word company opportunities statement

Look at your answers for this exercise and identify the three to five opportunities with the greatest potential to have a positive impact on your company’s future. In addition, after completing your Company Weaknesses Statement, you may have found that some of the areas you identified as weaknesses could possibly present themselves as opportunities.

The following is an example of a 100-Word Company Opportunities Statement:

Our opportunities include the possibility of producing a new aluminum line as an adjunct to our current products. We may be able to leverage our strategic alliances to improve our cost structure and open new markets in other countries. Our Information Technology Systems can be upgraded to allow more precise control over our relationships with our customers. We can focus on entering the market in a larger city 200 miles away immediately. We can develop a distribution strategy to attach new distributors around the country.

Create your 100-word company opportunities statement utilizing the information identified in this exercise.

Create your 100-word Company Opportunities statement *

Exercise 4: Company Threats

Creating your 100-Word Company Threats Statement requires concentrating on what has real possibility to happen in the future to hurt your company, but over which you have no control. You can prepare for threats, but you can’t stop them from happening. Laying out basic plans for how to respond to potential threats is far more realistic than thinking you can eliminate things beyond your control before they occur. Some of the greatest advances ever made in privately-owned businesses have come about after identifying threats that at first glance, seemed to be insurmountable. You need to identify potential threats before considering any plans relating to them.

After reviewing the results of the following questions, write your 100-Word Company Threats Statement based on the threats that are most dangerous to your company’s future.

1. Will higher interest rates greatly impact your company?

2. Does your company have principal cost increases that are tied to the cost of living increases by the US Index? (a union contract with raises tied to cost of living increases)

3. Is there a potential shortage of key technical employees?

4. Is there a possibility of key suppliers beginning to compete directly? (compete directly with your customers)

5. Will a drop in dollar valuation raise your cost of raw materials?

6. Can international events result in a shortage of raw materials needed by your company?

7. Will your company be hurt if a key manager quits?

8. Which competitors may be able to underprice you?

9. Is the market for your primary product/services contracting?

10. Are there trends that will negatively affect either the economic or technical characteristics of your business?

11. Are there trends that may negatively affect the nature of the competition you face, such as competition coming from Wal-Mart rather than local retailers?

12. Is your business an easy-entry business for possible new competitors?

13. Are you, the business owner, in poor health with a high risk for a heart attack or other life threatening disease?

14. Are there products or services being developed that could be substituted for your products and sold at a lower price? (competitor has similar products with new materials being developed that they could offer for less money than the product we sell)

15. List any miscellaneous company threats that exist.

Creating your 100-word company threats statement

It is impossible to identify all potential threats; just think of the events of September 11, 2001. There is always the possibility of some unforeseeable catastrophe. The idea is to try to create contingency plans so that if trouble comes, you may be able to deal with it more effectively than if you were caught completely unprepared.

For example, consider corporate liability exposure from a product negligently manufactured by your company. This threat carries the potential to financially destroy your company, but a plan that includes insurance for this possibility could protect against the threat.

The following is an example of a 100-Word Company Threats Statement.

Threat of potential new competition from composite materials replacing steel in our type of products in the future. Also facing new competitor from the city 200 miles away who may secure our customers with lower pricing. May lose our good sales representatives due to the lack of sales plan. Growing unionization of welders locally is a threat to our hiring capable welders within the wage range we currently pay. We will lose our best two engineers at some point to retirement, and this will leave us vulnerable in the product design area if we have no one trained to fill the positions.

Create your 100-word company threats statement utilizing the information identified in this exercise.

Create your 100-word Company Threats statement

Now that you have clearly identified your Personal SWOTs, and written a statement for each, review and possibly modify your Personal Vision Statement. Your Personal Vision Statement must be realistically attainable based on what you have identified as your Personal Business Strengths, Weaknesses, Opportunities and Threats.