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Using a SWOT to Develop Your Internet Marketing Strategy- Analyzing Your Weaknesses

Your next step in this process is to begin to consider the things that could be better about your business. As with your strengths, you must consider your weaknesses from both an internal and an external standpoint. You know what kinds of things your business simply isn't doing well. You can acknowledge places where your business could be a bit better. Also, as with your strengths, if you are doing this as a group project, it is probably best to individually make your lists, then come together to analyze which items make the final cut. Don't forget the most important rule of the SWOT analysis: be honest. If you don't take your honesty and integrity into your own internal evaluation, you simply cannot grow as a business. If you aren't honest with yourselves, how can you possibly expect to be honest with your customers? Being honest with yourself will help speed the analysis and make it more complete.

Consider each of the following questions when you are working with your weaknesses section. First, think generally about the things that your business could improve. The resulting items could be as simple as keeping your overhead costs down. They could also be as complicated as increasing product quality. List everything you can come up with. You can evaluate each item on your list later. Next, consider the things in your business that you currently have to avoid or ignore. Do you think that being able to deal with those things might improve your business in any way, even if it wouldn't necessarily lead to an increase in profits? If your answer is yes, decide whether you should have to avoid those things. Is there a way that you could (actually) deal with those items and help your business in some way? Would dealing with those things or focusing on them improve your current business standing? For example, if you currently aren't internet marketing, is there a way that you can be? Once you've looked at your business on an internal level, don't forget to walk a mile in your customer's shoes. What are the things that your customers might see as possible weaknesses? Do you think there are certain things your customers might see as holding you back from the growth and development necessary for a good business? For example, maybe your customers have noticed that your workload is so high that it is difficult for you to return phone calls in a timely manner.

Some pretty common weaknesses among businesses are a lack of important information or knowledge in an important area. Remember that this doesn't just have to be you. If one of your staff members lacks the necessary knowledge to step in and help out occasionally, that may be one of your weaknesses. Another pretty common issue with some businesses is bad press from former customers. Sometimes when a business is first starting, it can be hard to get everything together at once. As a result, some customers leave dissatisfied. One bad customer can spread some pretty bad news for you.

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Did you enjoy this article? Visit Kris Koonar's to discover more tips and techniques taught from the top MBA schools of the world that you can shamelessly use to promote your own website.
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