How to Do Retail Company SWOT Analysis

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Why do SWOT Analysis

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How is How to Do Retail Company SWOT Analysis

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As a retail owner or a manager you need to learn more about your company. There is a powerful tool called SWOT (Strengths; Weaknesses; Opportunities; Threats) Analysis that will help you to do this research. What are your company's strengths and weaknesses? Are there opportunities in the future? Is the company facing any external threats?

Why is it good to do? Because all successful businesses build on their Strengths, need to improve their Weaknesses, use Opportunities and be aware about Treats. You can use SWOT analysis for business planning or strategic planning, competitor evaluation, marketing, business and product development, etc.

You can be more specific and evaluate only one area:
1. Product (what are we selling?)
2. Process (how are we selling it?)
3. Customer (to whom are we selling it?)
4. Distribution (how does it reach them?)
5. Finance (what are the prices, costs and investments?)
6. Administration (and how do we manage all this?)

SWOT Analysis Advantage - free and fast!

The great advantage of using SWOT Analysis that it is free! You and your team could also generate new ideas about how your company (store) could use strengths to defend against threats in the market in a very short period of time. You will analyze how you could maximize strengths and minimize weaknesses, use internal and external opportunities and overcome threats. It is also a great team building activity.

How to use this technique

You will need to organize a brainstorming (40 min to 1 hour) meeting with your team. If you have a large team, you can divide it into groups of 5-6 people. Explain to your team the purpose of the meeting and the rules of brainstorming activity. They are: do not no criticize or judge, welcome any ideas, respect others point of view, focus on quantity not quality, and record ideas and thoughts.

Provide the details of the SWOT Analysis. Give each group a prepared flipchart. In order to make it, just draw two lines to make 4 squares. Write the titles for each square. A square on the top left will be Company Strengths; the square below it will be Opportunities, the square on the right - Weakness, and the last one - Threats. Let your team brainstorm and write down all the ideas they have.

You will be very surprised about how active and creative your employees will be during this meeting. I recommend that at the end of this meeting each group makes a presentation and has an opportunity to ask questions and have a discussion.

Strengths

Strengths are resources and capabilities that can be used as a basis for developing a competitive advantage. Think about what do your company (store) does well. Use your customers' point of view - how do your clients see and describe your strengths?

Examples

• Good reputation among customers

• Excellent customer service

• Superior product performance vs. competitors

• Cost advantages

• Direct delivery capability

Weaknesses

The absence of certain strengths may be viewed as a weakness. Is it anything you could improve? What are the areas for improvement? List the areas that are a struggle. What do your customers complain about? What do your customers see as your weaknesses?

Examples

• Poor reputation among customers

• Customer service staff needs training

• Large administration component

• Lack of following-up procedures

• Small market presence

Opportunities

Try to uncover areas where your strengths are not being fully utilized. Are there new opportunities that will arise soon for your company? How can you turn your strengths into opportunities? Is there a product/service area that you could do well in but are not yet competing?

Examples

• New technologies

• New market niche

• Loosening of regulations

• Removal of international trade barriers

• Local competitors have worse products

Threats

Look both inside and outside of your company for things that could damage your business. Can your weaknesses become threats? Internally, do you have financial, development, or other problems? Externally, are your competitors becoming stronger, are there new trends?

Examples

• Shifts in consumer tastes

• Change in market demand

• Emergence of substitute products

• Environmental effects

• New regulations

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How to Do Retail Company SWOT Analysis (with Great Articles)
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