CHECKLIST: 48 Questions to Ask in Your SWOT Analysis Every business owner should conduct a regular SWOT analysis to assess the company’s strengths, weaknesses, opportunities and threats in relation to its competition. Use the following checklist to start on your SWOT analysis. STRENGTHS (INTERNAL, POSITIVE ATTRIBUTES OF YOUR BUSINESS) MARKETING: ASSETS: What is my company’s competitive advantage? Do we have proprietary technology, O O intellectual property or other valuable What is our unique selling proposition? O proprietary information? Do we have exclusive relationships with Do we have equipment or machinery that our O suppliers or distributors? O competitors don’t? How extensive is our distribution network? O Does our location or building give us a What are the strengths of our marketing and O competitive advantage? O sales team? Do we have a well-known brand? FINANCIAL RESOURCES: O How well capitalized is the business? O HUMAN RESOURCES: Can we easily access additional capital if Do our employees have skills or expertise O needed? O that our competitors’ employees lack? Do the business’s profit margins and other Do our employees have professional O financial indicators compare favorably to O accreditations or certifications that give us industry benchmarks? an advantage? WEAKNESSES (INTERNAL, NEGATIVE ATTRIBUTES OF YOUR BUSINESS) MARKETING: HUMAN RESOURCES: What complaints do we frequently hear Is the business adequately staffed? O from customers? O Do employees lack skills or expertise needed What objections do we frequently hear O to compete? O from prospects? FINANCIAL RESOURCES: O Is the business’s distribution limited? O Does the business suffer from cash flow ASSETS: problems? Does the business’s location or physical Are the business’s profit margins and other O plant have any weaknesses? O financial indicators poor compared to those of competitors? Are the business’s technology, equipment O and machinery outdated? Does the business have excessive debt? O Would the business have difficulty accessing O additional capital? OPPORTUNITIES (EXTERNAL, POSITIVE FACTORS THAT COULD HELP THE BUSINESS) COMPETITIVE ENVIRONMENT: ECONOMIC ENVIRONMENT: Do competitors have any weaknesses the How might current and projected O business could benefit from? O economic trends present opportunities for the business? (i.e., housing prices, MARKET ENVIRONMENT: employment rates, consumer confidence) Is the target market changing in ways that O What changes are taking place in the could benefit the business? O industry that could create opportunity? Is there a potential niche market the O Are there potential new sources of business is currently ignoring? O financing that could help the business? Is there something clients and customers O Could projected changes in interest rates, are asking for that the business doesn’t O tax laws or banking regulations benefit the provide, but could add? business? Are there upcoming local, regional O or national events that could present POLITICAL ENVIRONMENT: opportunities for the business? How might proposed changes to local, O state and national government positively What opportunities for geographic affect the business? O expansion exist? TECHNOLOGICAL ENVIRONMENT: How could predicted technological O advances create opportunity for the business? THREATS (EXTERNAL, NEGATIVE FACTORS THAT COULD HURT THE BUSINESS) COMPETITIVE ENVIRONMENT: What predicted industry trends could hurt O Are our competitors planning expansion, the business? O new product or service launches, or other Could changes to external financial changes that could hurt our business? O factors, such as revised lending Are there businesses that aren’t standards, increased cost of capital or O currently direct competitors, but could higher interest rates, hurt the business? be in the future? Are there projected increases to O the cost of doing business (i.e., rent, MARKET ENVIRONMENT: wages, inventory, utilities) that could hurt the business? O Is our target market shrinking? Could predicted social changes negatively POLITICAL ENVIRONMENT: O impact demand for our product? Could local, state and national Does the business rely too heavily on one O governmental changes, such as regulatory O big customer? restrictions or new trade agreements, negatively affect the business? ECONOMIC ENVIRONMENT: How might current and projected economic TECHNOLOGICAL ENVIRONMENT: O trends (i.e., housing prices, employment How might predicted technological rates, consumer confidence) negatively O advances negatively affect the business? impact the business?.