Like most analytical processes and methods, situation analysis is a whole lot easier when you visualize your information. Gain the information you need to guide your business in the right direction. Perform your own situation analysis. Lucidspark is a virtual whiteboard that helps you and your team collaborate to bring the best ideas to light. It comes packed with all of the sticky notes, freehand drawing tools, and infinite canvas space you need to capture that next big idea.
Think of it like a sandbox where your team can bounce ideas around and innovate together in real time. What is situation analysis? What is a situation analysis? Considerations within a situation analysis To be effective, situation analysis needs to be thorough. As you evaluate your current product, remember to also include any additional services you provide customers.
Is your customer service top-notch? VRIO analysis can be a great tool for identifying long-term competitive advantage. Distribution situation: How do you get your product to customers? This could be the app store, physical stores, etc. Your distribution mechanism can make or break your business—it is, after all, where you actually reach customers. Including it in your situation analysis can help you identify ways to better reach, engage, and retain customers.
Environmental factors: You might not expect it, but environmental factors can be both internal and external. Internal environmental factors might include poor inter-company communication or changes in leadership and structure. External environmental factors are often wide-reaching: economic recessions, legal restrictions, etc.
Stimulus checks are a timely example of an external environment factor. To formalize and document this process, you should conduct SWOT analysis with your team. Methods and diagrams for situation analysis Remember how we said that situation analysis is a broad term that includes several smaller, more specific activities?
Economic factors: Is there an economic recession or boom? Did people get stimulus checks recently? Social factors: What lifestyle trends impact your business? What demographic are you trying to reach? Technological factors: Have there been any big tech advances in your industry? Any new legislation regarding your technology?
Environmental factors: Are there environmental regulations that impact your industry? A situational analysis can reveal many important details about a business such as:. A regular situation analysis provides the information a company needs to create a course of action to achieve its goals.
There are several components in a situational analysis:. Examining how the company is performing by reviewing sales, market share, and customer retention provides a useful snapshot that reveals if the business is fulfilling its goals.
It will also help you evaluate competitors and market share. Analyzing current products or services, as well as future product launches, is a vital component of a situation analysis. Market research is needed to determine how viable a new product or service will be. Examine products and services separately to identify which products best meet your clients' needs and which ones need adjusting. The competitor analysis compares your business to other similar companies. Unmet or underserved needs represent market opportunities.
But before a business can successfully target an untapped market, it should understand its strengths and weaknesses. A strength, weakness, opportunity, threat SWOT analysis is a useful tool to identify how capable your business is of capitalizing on opportunities.
Thorough research is critical to understanding your customers. Once you know your customers well, you can identify other potential customers as your target market and create an effective marketing plan. An analysis of your main competitors will help you determine how your business measures up. Identifying and comparing the competitive advantages of one company to another can help your business adapt to compete more effectively.
The SBA provides a list of business statistics you can use in your review. Partnerships and collaborations are a critical part of many business operations. Analyze collaborations to understand the strength and durability of the partnerships.
Reviewing contracts and studying whether products and services were historically delivered as promised can give a company insight on the reliability of these relationships. Many people have used it but few do a SWOT analysis for themselves. I really recommend it — it is one of the simplest and more informative ways you can do a quick situational analysis.
You can also do it for your team or your whole organisation. The great thing about the SWOT analysis is takes a balanced view of your present situation. This is very important because we face a couple of dangers at this stage. Firstly we can paint too rosy a picture of our situation if we choose to overlook or gloss-over certain facts. The second danger is that by looking at all the challenges the situation can seem overwhelming and this can lead to paralysis rather than action — just the opposite of what we are trying to achieve.
So we need to have the right perspective. Compared to a prison camp we might think our problems are small, but life is full of its own challenges that can seem big enough.
Unless we identify and deal with these issues they will hold us back. You cannot be happy or successful by ignoring things. What are you facing at the moment? Financial insecurity? Challenges at work? Difficulties in your relationships? A lack of confidence or motivation? Whatever it is, the first step to overcoming the challenge is to identify it.
Do some situation analysis. Confront it. In my experience, as well as taking time to think about an issue it can also be worth writing it down or speaking to someone about it. Externalising can help and I say that as an introvert. This is where a good friend, coach or mentor can be invaluable.
I have appreciated times when people have really listened to me when I have been working through problems and professionally I have spent a lot of time, as a coach, creating an environment where people can talk about and think through challenges.
And in my experience, it really works. Have you ever resolved a bad situation by facing up to it and seeing it in a new light? What was the outcome? If you would like access to some bonus content and get updates then please do sign up to my email list. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed. Skip to content. Do you truly know where you are and where you are going in life?
Be honest with yourself Once you realise the importance of facing the brutal facts it is time to be honest with yourself. Here are few things you can try: Phone a friend In terms of your personal life why not ask someone close to you — a good friend, partner or mentor — how they think you are doing.
So, get them to be really honest with you! Ask them: What do they see as your strengths and weaknesses? What do they think of what you are doing now and your present direction? What hopes and concerns do they have for you?
Check your diary and finances Have a look at your calendar and personal finances for the last few months. When you looking at your diary and finances identify the trends: What are you spending most money and time on? Where are you failing to achieve your aspirations in terms of time and finance? Do some self reflection Review your journal or note books. So how about you? What methods can you best use to record and reflect upon life? What themes can you identify in your thoughts and actions?
Write your bio One good idea is to write a short biography. What are the events that shaped you? Who were the people that really helped you to where you are now? Update your CV In a similar vein to the bio, it is also a great exercise to update or write a new CV.
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