Common Mistakes When Making An Annual SWOT Analysis

Every year, many businesses make an annual SWOT analysis template. This is the time when they take a step back and look at their business; it’s where they consider the past twelve months and plan for the upcoming twelve-month period. It’s important to set goals and create reports that will improve your company, but this can be difficult when you’re not sure what your strengths and weaknesses are.

Here are some common mistakes that can be made when performing an annual SWOT analysis:

1. Not Asking The Right Questions

One of the most important parts of any type of business SWOT analysis template is asking questions; this is where you get to know your company’s strengths and weaknesses, and where you get to know your company’s financial health. While you may need to ask for help in order to get the answers you’re looking for, it’s important that these questions be asked. If they aren’t, then you’ll struggle with knowing your strengths and weaknesses.

2. Not Utilizing An Annual SWOT Analysis Template

One of the biggest mistakes you can make when performing an annual SWOT analysis is not using a company SWOT analysis template. Without seeing what other businesses are doing, it’s easy to make assumptions about what needs to be done. The problem with this is that many of your competitors could already have the answers you’re looking for; they may already know their strengths and weaknesses. By utilizing a template, you’ll reduce the amount of time it takes to perform your analysis and ensure that your SWOT is as accurate as possible.

For a diverse set of SWOT analysis template examples, go to Venngage and find what works best for you. 

3. Not Checking Your Annual SWOT Analysis Often

Once you’ve made an annual SWOT analysis, it’s important that you check it often so you can see how far your business has come over time. This is especially important if you’re using a template; by doing this, you can ensure that your template is still accurate. You should also check your annual SWOT analysis to ensure that it’s still meeting the goals you’ve set for your company.

4. Not Having A Clear Goal In Mind

Another common mistake that businesses make when performing an annual SWOT analysis is not having a clear goal in mind. This can be very problematic because without knowing your goals, there’s no way to know which questions you should ask or what information you should look for. If you don’t have a clear goal in mind, then it may take longer to perform your analysis.

5. Looking Only At Your Business’ Strengths

While it’s important to look at your business’ strengths, it’s also important to look at its weaknesses. This is where you can find opportunities for improvement. If you only look at your strengths in your free SWOT analysis template, you may not be able to improve on them; you may even become complacent.

6. Focusing On The Negative

It’s important to focus on the negative in order to find ways to improve, but it’s also important to stay positive. This is where your goals come into play; by having positive goals, you’ll be more likely to reach them. If you only focus on the negative, you may become discouraged and give up.

7. Overlooking Opportunities

When performing an annual SWOT analysis, it’s important to look at the opportunities that are available for your business. Sometimes opportunities can be overlooked because they don’t seem as exciting or rewarding as other opportunities. At the same time, they may be more beneficial than what’s currently being done; you just need to be willing to take a chance.

8. Forgetting To Perform An Annual SWOT Analysis

If you’re not performing an annual SWOT analysis, then it’s easy for your business to waste time and money. If opportunities aren’t identified, then they may be overlooked and can even lead to failure. This is where your current strengths and weaknesses will come into play: you’ll know which opportunities are worth pursuing. Another reason to do an annual SWOT analysis template example is to ensure that the goals you have for your company are still being met. By performing an analysis on a regular basis, it’s easy to stay updated on all of the latest developments with your business.

Finding The Right SWOT Analysis Template For Your Company 

The biggest mistake that can be made when performing an annual SWOT analysis is not utilizing a template. While you may be able to perform your analysis without one, doing so can increase the amount of time it takes and it may also result in inaccurate information being collected. When looking for a template, it’s important to find one that is specific to your company. This means that it should include the industry you’re in, as well as the size of your company.

There are many different types of templates available online and in software programs. By finding the right template, you’ll be able to save time and ensure that your analysis is accurate.

To Summarize

Annual SWOT analysis is an important process for all businesses, yet it’s often overlooked. By following the seven tips above, you’ll be able to perform a successful annual SWOT analysis for your company.