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Last week, we discussed the external factors of a company and how that affects their opportunities and threats. The first part of a SWOT analysis focuses on the internal factors of a company, known as the strengths and weaknesses. This side of the company is something that they can pretty much control on their own.

Strengths of a company refer to competitive advantages that distinct them from competitors. Some examples of a company's strengths include:

good company culture

high productivity

large market share

excellent customer service

strong marketing tactics

diversification of products/services

To identify these strengths of a company, it is imperative to conduct different types of research. "Before evaluating your company against the market, you need to conduct qualitative and quantitative research and analyze your competitors. This research will help you accurately assess your company's market and competitive positions" (Frogdog.com).

Weaknesses are the low points that interfere with a company's successes. Some examples of a company's strengths include:

No clear distinction of market development

Confusing return policies

No clear operational structures

No long-term goals

Limited resources

Lack of leadership

Analyzing one's company internally provides great control for operations and preparation. Some researchers have even found that a company's strengths can actually be their weaknesses, and vice versa. "In an upside-down business world, big companies are brought down by their supposed strengths or toppled by smaller and seemingly weaker rivals. Small companies find ways to turn deficiencies into advantages or to leverage the scale and capabilities of larger competitors against them" (Brandenburger, 2019). Sometimes, it can be beneficial to look at your internal factors differently to have a new perspective on your company's activities.

Analyzing your strengths and weaknesses to achieve growth. FrogDog Marketing. (n.d.). Retrieved July 26, 2022, from https://www.frog-dog.com/magazine/analyzing-strengths-weaknesses-achieve-growth.

Brandenburger, A. (2019, August 22). Are your company's strengths really weaknesses? Harvard Business Review. Retrieved July 26, 2022, from https://hbr.org/2019/08/are-your-companys-strengths-really-weaknesses.