Running a business is hard work. With so many different things that can distract you, it's easy to get caught up in the minutiae and lose sight of the bigger picture.
The only way to ensure that your business is sustainable in the long term is to regularly take a step back and look at things from a broader perspective.
This is where a SWOT analysis - Strengths, Weaknesses, Opportunities, and Threats - comes into play.
A SWOT analysis will prompt you to look at the potential of your e-commerce business. Examine not only how your company is performing today, but also how it will perform next week, next month, and even next year.
Find your competitive advantage
A "SWOT analysis" may sound like some kind of dreaded accounting process, but it is not. Doing a SWOT analysis does not involve adding or subtracting, but it is very helpful.
A SWOT analysis lists the strengths and weaknesses of a company from both an internal and external perspective by identifying the company's
Strengths Strengths
Weaknesses
Opportunities
Threats
The SWOT analysis forces you to think about the future. You know how your business is performing today, but do you know what it will be like tomorrow? This process will help you figure out, and more importantly, develop a strategic plan for it.
Strengths and weaknesses are internal factors, while opportunities and threats are external factors. Internal factors come from within your e-commerce business, while external factors come from the wider environment around your business.
Strengths and weaknesses are focused on the present, while opportunities and threats are focused on the future. What is happening and what could happen.
Strengths and weaknesses are within your control. Although it may be difficult, you can change them over time. Examples include
Company culture
Reputation
Customer list
Geography
Staff
Partners
Intellectual Property
Assets
Conversely, opportunities and threats are usually out of your control. You can try to plan against them or influence positive change, but ultimately, it's not up to you. Examples include
Regulations
Suppliers
Competitors
Economy
Market size
Trends
Financing
Weather
【Source text: by report】
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