The term SWOT analysis can be seen coming up in company reports, conversations and business strategies, but what does it mean?
And how can you apply this type of brainstorming method of using a SWOT analysis for nonprofit and event planning?
A discount for nonprofits Purplepass offers all their nonprofits |
S.W.O.T stands for Strengths, Weaknesses, Opportunities, and Threats. This analysis is commonly used in business for determining areas that are lacking attention or for identifying improvements and marketing opportunities.
What is your organization good at? Where do you shine, while others, not so much? What makes you better or different from the rest of your competition?
Identifying a company’s strengths is a significant starting point when building any marketing or strategic business plans. Start by recognizing what you are good at and push that in your sales and marketing efforts. Also, acknowledge what you are best at and how you can become even better at it.
Ask yourself the following questions when determining your strengths:
Now the hard part. What are you bad at? Don’t sugarcoat this, be honest and real in identifying the places your organization really lacks. The more honest you are, the more useful your SWOT analysis will be.
It’s important to know your weaknesses. If you can’t identify where your company is slacking, how can you fix it? Dig deep into your services, goals, reports, and see what isn’t working. Look at your competition and see what they offer that you aren’t.
Start by writing out everything you find and when you’re done look back at the list to see where you can start making improvements.
Maybe your website needs work or is too slow. Your customer service isn’t responding fast enough. Or you have no social media presence.
For example, lets go back to the website being slow. By taking the time to analyze your website, you could potentially identify why online sales are slow or not completed… maybe you find out that your website speed is too slow. People were losing patience and ditching their carts before completing a purchase. Because you’ve identified this problem, part of your business plan can be to optimize your overall site speed and SEO for better conversion rates.
Where to look for weaknesses:
With every business, there are always opportunities being overlooked, you just don’t see them. Conducting a SWOT analysis makes you take the time to look in every crack and hole to uncover any missed opportunities.
What are some examples of opportunities companies are missing?
I guarantee there are several opportunities for brand growth and revenue streams you are not capitalizing on.
Taking the time to recognize these opportunities and how you can incorporate them into your business plan ensures that you’re taking advantage of all your options.
Threats are probably the easiest to spot. Most companies already know their threats, but do nothing about them. Having a list of all your competition and obstacles will force you to look them in the eye and do something about it, rather than avoiding them.
Threats don't always mean other companies that are providing similar services as you. Everyone experiences unique challenges in their business that could lead them down a dangerous road.
For example, having a limited budget could be a threat to your business. You know this is an issue, but rather than avoiding it, your SWOT analysis is going to make you face it. How can you fix this problem and stop it from being a threat?
You could fundraise or start a GoFundMe for your company. Find cheap or free ways to promote your business online. Look for help from sponsors. You have options. The important thing is that you are addressing the issues and coming up with a plan of attack.
Using a SWOT analysis for nonprofits is great for those organizations looking for an alternative way of doing things or if they’re struggling to receive donations and funds. Conducting an intensive analysis of your nonprofit and the current strategies being implemented might help you answer exactly why your organization is struggling and/or what needs to change.
To make this easy, we’ve put together a list of SWOT analysis questions for nonprofits to answer when creating their report.
Think of this as your SWOT analysis template for nonprofits. As you answer these questions, write other ideas that might go with them. After, you can implement everything you’ve discovered.
You might have found that one thing your organization is lacking is proper fundraising events. Events are a straightforward way to boost brand awareness in your local community and for collecting donations. Hosting an event doesn’t have to break the budget either; you can plan a community picnic, run a silent auction with pieces donated by local vendors, or go back to the basics with community car washes.
And collecting donations doesn’t have to break the bank. Purplepass offers a discount to all nonprofits using our registration. But why would you need a registration for nonprofit events?
Ticket discount for nonprofits Purplepass offers all their nonprofits |