Business tip for the new normal: COVID-19 SWOT Analysis
Let’s face it. Business Owners Rock! They are strong, resilient, committed and focused.
However, COVID-19 came and disrupted businesses, making it really hard for many. This pandemic has resulted in companies operating in new ways to meet the needs of their customers. As you transition, you need to have a strong strategy in place in order to maintain your growth.
Utilize a SWOT Analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. This analysis will help you build on your business strengths, address the area(s) that you may be lacking in, analyze opportunities and treats so you can better prepare for what you may encounter in the external environment. The end goal is to minimize your risks and increase your successes. This process will position to you adequately meet the needs of your customers.