An element to consider adding when developing a business plan is the good old-fashioned SWOT analysis (strengths, weaknesses, opportunities, threats), which, although it has been around a long time, is still a very effective and easy-to-use tool.
By making a list of the four headings, and asking the questions of your business, you will end up with four clear areas that will show where you may have problems and whether you are travelling in the right direction. Take into account what your competition is currently doing, or what you think they might do.
The SWOT analysis can be done as part of your plan, or as an activity on its own. Either way, it is important to see, from a social media point of view, where you and your competitors are currently.
- Strengths. What are you good at? List your strengths and then see how you can leverage them for even greater results.
- Weaknesses. What are you not so good at? What do you need to do to mitigate your weaknesses?
- Opportunities. What are the events and trends that are favourable to you? How can you leverage your opportunities?
- Threats. What are the events and trends that are not favourable to you? How can you mitigate your threats?
Ref: Marketing with Social Media: 10 Easy Steps to Success for Business, Lina Coles (2015)
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