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5 Steps to Accelerating Your Business Growth Part 1.1: Conduct A SWOT Analysis


Conduct A SWOT Analysis
Condust SWOT Analysis

Conduct A SWOT Analysis


As basic as it may sound, to conduct a SWOT analysis is still a great framework to use to evaluate a company's strengths, weaknesses, opportunities, and threats. It's like a check-up for your business. Here's an example of what a SWOT analysis might look like for a bakery:


Strengths:

  • High-quality ingredients

  • Excellent customer service

  • Convenient location

Weaknesses:

  • Limited menu options

  • High prices

  • Limited online presence

Opportunities:

  • Expand the menu to include gluten-free options

  • Partner with a local coffee shop to increase foot traffic

  • Offer catering services

Threats:

  • Competition from other bakeries in the area

  • Changes in consumer preferences

  • Economic downturns

Now, take a little time to sit down with your team, which could be the leaders of your company or the leaders in your department, to determine your strengths, weaknesses, opportunities, and threats. You will likely discover the one thing that changes the way you do business forever. This step is simple but effective. Let’s move on to step 2.


 


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