SWOT Analysis Worksheet

A SWOT (strengths, weaknesses, opportunities, and threats) analysis could help you identify different strategies to implement to improve your business. Here are some examples of the types of questions to ask yourself while filling out the table, but don’t limit yourself to these questions.

Strengths and weaknesses are internal factors that are directly related to your business. You affect your strengths or weaknesses by taking action.

STRENGTHS that your business has, which help it stand out from the competition.
●	What does your business already do well?
●	Which products or services are most profitable?
●	Do you offer any unique products or services?
●	Why do your best customers continue buying from you?
●	How do new customers find you?
●	Do you have good relationships with your suppliers?

WEAKNESSES within your business that could make it difficult to achieve your goal.
●	Why do customers stop buying from your business?
●	Why don’t customers come into the store?
●	What types of complaints do you receive?
●	Do you have trouble repaying your debts?
●	Do you have trouble finding or keeping suppliers?
●	Have you had to turn down work due to a lack of money or employees?

Opportunities and threats tend to be external factors. Even though you still have to plan for them and deal with their impact, they could be more difficult to influence.

OPPORTUNITIES that are outside of your business that could help you, or that you can use to achieve your goal.
●	Have you identified potential ways to make more money from current customers, or attract new customers, but haven’t acted yet?
●	Are there any nearby areas with lots of potential customers but no competing businesses?
●	How are customers’ preferences changing and how could your business take advantage of those changes?

THREATS that are external to your business and could impact your progress.
●	Do you compete with a large company that could open a location near yours?
●	Do competitors offer a similar product or service at a lower price?
●	Is the demand for what you sell decreasing? 
●	Could a change in the law impact your business?
Instructions: Think about your business while filling out the table. You can also ask each employee or business partner to complete a SWOT analysis and then compare your results. 
Strengths
•	I’m a certified and extremely knowledgably mechanic. People trust my work and they trust me.
•	Word-of-mouth marketing has been working well.  
•	Several local businesses are repeat clients.
•	I’ve established good relationships with vendors.
•	My apprentice is eager to learn more and continue working in the shop.
	Weaknesses
•	I’m the only mechanic. If I’m sick or injured, the business will shut down. 
•	If I can’t afford to hire my apprentice full-time soon, he may leave. 
•	Losing one business client could lead to negative cash flow.
•	I get customers from online marketing, but haven’t had the time to improve my advertisements.	
Opportunities
•	Hiring my apprentice full-time would help me take on higher-paying, low-skill jobs.
•	I could specialise in one, or several, makes to distinguish myself from the competition.
•	Start investing more in online advertisements.
•	Try to get one or two new business to make me their go-to shop.  
	Threats
•	Local oil-change or tyre shops could decrease my revenue from minor services.
•	. I’m not certain customers see a difference between my shop and any other shop.
•	Increased interest in electric vehicles could lead to less overall auto servicing. 	

Notes:
-	Look up costs for extra certifications/trainings for myself and my apprentice. 
-	Compare vendors again to make sure I’m getting a good deal

Potential strategies and action items: 
-	Let my apprentice know the plan is for him to be full-time within six months. Start saving for the extra expenses. Also, start increasing advertising in about four months to increase walk-ins while directly pitching local businesses that have a fleet of vehicles.
-	Ask current customers for testimonials which I can use in advertisements. 
-	Offer current customers a discount or some type of special for referring new customers. 
-	Learn more about what it takes to service electric vehicles.