SWOT Analysis before a business meeting
Knowing that more and more companies are embracing business matchmaking events, it is crucial to conduct a SWOT analysis before a business meeting.
It is important to identify the Strengths and Weaknesses of your business, and of course, how to enhance performance. This analysis serves as a starting point for an action plan.
Therefore, today, we will talk about SWOT analysis. In case you are not familiar with it, the acronym stands for STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS.
This type of analysis helps identify areas for improvement, enabling you to manage your business and projects in the best possible way. Undoubtedly, this knowledge can yield significant results during the business meeting.
Applying the SWOT analysis
This analysis was created to be as simple as possible.
For example: The internal environment, which is the part you can control within your company, defines your strengths and weaknesses.
The external environment, on the other hand, defines your opportunities and threats.
Now, let’s provide a basic example of each item in the analysis:
- Strengths
This is the part where you identify the points that stand out in the internal environment compared to the competition. An example of this is a candy store located in front of a school; it would certainly have a considerable demand, wouldn’t it?
- Weaknesses
Here, you highlight the points that disadvantage your company compared to the competition. Perhaps the candy store has a small number of attendants, resulting in long queues and customer dissatisfaction.
- Opportunities
Here, you consider external factors that favor your company. In the example of the candy store, school field trip days would likely have a positive impact on your business, as students may purchase more sweets for the trip.
- Threats
Here are all the external factors that pose a threat to your company. In the case of a candy store located in front of a school, a possible threat would be low demand during school vacation periods.
In summary, conducting a SWOT analysis before a business meeting can help you identify key areas for improvement and highlight your unique selling points to be showcased during the meeting. Additionally, during the business meeting, you will be attentive to market trends and may find a good partnership to boost your business.
If you want more tips on business meetings, read our article on “Business Meeting: How to organize your own Business Matchmaking event“
Wishing you success in your business endeavors!
