SWOT Analysis Helps
Business Advisory Services Updates
Accountants can help SMEs by encouraging the preparation of a SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis at the beginning of a new calendar year.
You could encourage your clients to take some quality time and sit down alone or with their team to consider the key areas of the business.
For the individual business activities, it’s a good idea to ask the following questions for each of the key business areas:
- What are we doing well?
- What are we doing not so well?
- What improvements need to be made?
- What are the visions for 2021?
For the overall business, ask the following questions:
- Has your business identified its “core values”?
- Is the business culture right for successful business operations in 2021?
- Has there been discussions with a cross-section of customers – are they happy to still support your business?
- Are your supply lines sound or do you need to revamp?
- What key items have been identified that should be listed in the business’ Action Plan?
