If you’ve been a business owner for many years, you’re mostly likely aware that it can become incredibly easy to get caught up in the day-to-day tasks of simply running a company. This is something that happens all too often with small businesses. The daily demands of operating a company can prevent owners from taking the time to step back and analyze their venture, its present standing within its designated industry, and determine ways in which the business could grow and find further success. As a result, certain details that could potentially have a great impact on the success of a business may go overlooked. With this in mind, it is important to avoid falling into the routine of solely managing a company, and instead actively work at constantly evolving one’s business practices.
One of the most advisable ways in which small business owners can can do this is by performing a SWOT analysis. SWOT, which stands for strengths, weaknesses, opportunities and threats, is a analytical framework that can enable a company to determine internal and external factors that could positively or negatively affect the business, as seen in the below diagram.
Learn more about the SWOT analysis.
After performing a SWOT analysis, the next step to ensuring a company’s success is to create a plan of action, incorporating the the SWOT findings.
Should you require any assistance with the financial planning aspects of your business, do not hesitate to contact us by telephone at 604-922-3930. Our team of financial advisors and accountants are here to provide you with independent and objective advice on your business’ performance and are excited to help ensure the growth and success of your company.
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