If you have a business idea, chances are that you want to protect that idea. You will also want to do anything and everything you can in order to make that idea strive and thrive.
Using a SWOT analysis for your business idea is a great way to assess it. First, however, let’s look at what a SWOT analysis is.
What is a SWOT analysis?
A SWOT analysis is a valuable model to use to evaluate a product, service, new business endeavour or even an employee.
Put simply, it involves assessing these factors:
There are two major categories of measurement – internal factors, which are within the organisation, and external factors, which are outside your organisation. Strengths and weakness belong to internal factors and opportunities and threats are external factors.
Strengths – By evaluating your company’s strengths, you do yourself a great service. By looking at what is working, you can enhance that performance and multiply it.
By mimicking a proven formula that already works, you increase your likelihood of success. You can also pinpoint specific areas of success and magnify them innovatively in order to grow those strengths and develop new products or services from them.
Weaknesses – The whole point in evaluating weaknesses in your business idea is to eliminate or, at the very least, minimise them. Weaknesses are in every aspect of business and if unaddressed, those weaknesses can fester and grow. Eliminating or minimising those weaknesses from the start will keep them from detracting from the success of a new product or service.
Opportunities – Evaluating opportunities is useful in seeking knowledge on how those opportunities are useful to gain momentum for your business endeavours. Taking advantage of any existing opportunities and expanding them to greater heights will provide more success for your business idea.
Threats – Evaluating threats in the environment is crucial to the success of your business idea.
If you are on the lookout for threats, warding them off, or taking into account the potential impact, before they occur is key to maintaining optimal success for your project or business.
What to evaluate?
Evaluate your business idea for its strengths by highlighting the areas that receive the most positive response. If you have done a test market on a product or service or have a website with a comments section, check to see where the positive highlights are for your idea.
Evaluate your idea for its weaknesses by answering a negative comment on a website, asking for the opinions of others, and checking your competitors’ websites.
Seek out new and innovative opportunities based on existing ideas that you can expand. Search out opportunities within other businesses to grow and expand in your own.
Be wary and aware of external elements that could potentially damage or ruin your business or service. An example that is dominating the news at the moment is Brexit – would this have a positive, negative or no impact on your new idea?
Your new idea should ideally turn weaknesses into strengths and threats into opportunities. By utilising a SWOT analysis and going through it step by step, you can protect and enhance your business idea.
Developments at Facebook continue at a staggering pace with more new features being introduced and trial features being rolled out to more users.
Facebook Introduces New Features for Purchasing and Planning Mobile Video Ads: Facebook introduced “new features to make it easy for advertisers to plan and purchase ads on Facebook in ways that align to how they have traditionally bought television ads.”
These new features are also available for Instagram video ads.
Facebook Rolls Out Group Calling in Messenger: Facebook announced “the global rollout of group calling in Messenger.”
Facebook Updates News Feed Based on Time Spent Viewing Articles: The most recent update to Facebook’s news feed ranking considers “how likely you are to click on an article and then spend time reading it.” Facebook has “started rolling out this new update and will continue over the coming weeks,” but anticipates “that most Pages won’t see any significant changes.”
Facebook Opens API to Desktop Apps, Drones and Cameras: The Facebook Live API allows “developers and publishers to join forces to build immersive and interactive live video experiences on Facebook.”
Facebook Opens Instant Articles to All Publishers: Facebook is “officially opening the Instant Articles program to all publishers – of any type, any size, anywhere in the world.”
Facebook Messenger Integrates Dropbox File Sharing Feature: Dropbox announced a new feature that “makes it easier to share photos, videos and other files in Facebook Messenger.”
Facebook Introduces Surround 360 and 360 Publisher Tools: Facebook released “a suite of new tools and resources to support the growing Facebook 360 community.”
Twitter Embeds SoundCloud Audio Cards in Moments: Twitter Moments users “can now share entire playlists or any other audio content with SoundCloud’s audio cards embedded right into the Tweet.”
Pinterest Updates iOS App: The updated Pinterest app for iOS features “a new modern look that lets you focus more on Pins” and “crazy fast loading, for everyone in the world.” Similar updates to the Android and web versions of Pinterest are coming soon.
Instagram Rolls Out Video Channels in Explore: “As people share more videos than ever before, [Instagram is] making it easier to discover the ones you’ll love” with video channels in Explore.
Google: Google Announces Official Launch of Podcasts on Google Play Music: “Starting on the web and on Android in the U.S. and Canada, [Google will] connect you with podcasts based on what you’re doing, how you’re feeling and what you’re interested in.”
LinkedIn Unveils LinkedIn Students App: “LinkedIn unveils the first-of-its-kind LinkedIn Students app available for iOS and Android, tailored specifically for soon-to-be college graduates.”