Most of the businesses we work with have completed a SWOT analysis at some point in their lifecycle, which is great.
But performing the analysis once (giving a snapshot of that moment in time) is like doing a body comp analysis once, and basing our programming for the next five years on that same result.
In order to make the right strategic decisions for our businesses, we need to complete this exercise regularly (we recommend roughly every six months).
Not once-and-done
The market is dynamic, not static.
Regular SWOT analysis helps us respond to trends, technologies, and consumer preferences – allowing us to adapt to new audiences and retain existing members.
It also helps us identify and address weaknesses, seize growth opportunities, and mitigate risks like new competitors or wider macro factors (like cost of living, global conflict, Covid etc).
This insight helps us set realistic goals and make good decisions; and keeps our businesses resilient and sustainable in the long term.
SWOT recap
A quick recap on the four quadrants of the exercise:
Strengths
- Things your business does well
- Qualities that separate you from competitors
- Internal resources such as skilled and knowledgeable staff
- Tangible assets such as intellectual property, capital etc.
Weaknesses
- Things your company lacks
- Things your competitors do better than you
- Resource limitations
- Lack of clarity about your offer, or what makes it stand out from the crowd
Opportunities
- Underserved markets for your product
- Few or poor quality competitors
- Emerging needs for your product
Threats
- Emerging competitors
- Changing environment
- Changing customer attitudes towards your company
SWOT in action
Here’s a recent example of a SWOT analysis for one of our gyms:
SWOT template
Here’s a blank SWOT template for you to fill in – you can make a copy and do a fresh one every six months, then track your progress over time. Don’t forget to save it on locally your device to retain your changes.
Download the SWOT template here.
Need a second pair of eyes to hash out your business questions, challenges, and roadblocks?
Book a 90-minute call with JC Vacassin here.
