How do you identify your commercial real estate strengths, weaknesses, opportunities, and threats?

1 What is a SWOT analysis?

A SWOT analysis is a simple but powerful framework that helps you identify the internal and external factors that affect your business performance. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are the internal factors that you can control, such as your skills, experience, reputation, and resources. Opportunities and threats are the external factors that you cannot control, such as market trends, customer demand, competition, and regulations.

2 How to identify your strengths

Identifying your strengths can give you an edge over your competitors. To do this, ask yourself questions such as what you are good at, what your unique selling points are, and what your achievements and awards are. Additionally, consider your core values and mission, as well as positive feedbacks and testimonials. You can also seek out the opinions of clients, colleagues, mentors, and peers. Once you have written down your strengths, rank them according to their importance and relevance.

3 How to identify your weaknesses

Your weaknesses are the negative attributes that limit your potential and performance. To identify these areas where you need to improve, you can ask yourself questions such as what you are bad at, your common mistakes and complaints, gaps and challenges, fears and doubts, and negative feedbacks and criticisms. Additionally, you can seek honest and constructive feedback from clients, colleagues, mentors, and peers. Once you have identified your weaknesses, it is important to write them down and rank them in terms of their urgency and impact.

4 How to identify your opportunities

Your opportunities are favorable situations or trends that you can use to grow your business and achieve your goals. To identify them, ask yourself questions such as what the current and future needs and wants of your target market are, what emerging and untapped segments or niches in your industry exist, what new and innovative technologies or practices you can adopt or offer, what changes and developments in the economic, social, political, and legal environment you can benefit from, and what partnerships and collaborations you can establish or strengthen. Additionally, conduct market research, analysis, and surveys to gather data and insights. Record your opportunities and rank them according to their feasibility and profitability.

5 How to identify your threats

Your threats are the unfavorable situations or trends that can harm your business and prevent you from achieving your goals. To identify them, you can ask yourself questions such as what current and future problems your target market faces, what existing and potential competitors or substitutes you face, and what outdated and obsolete technologies or practices you need to replace or update. Additionally, consider the changes and developments in the economic, social, political, and legal environment that you need to comply with or adapt to, as well as any conflicts and disputes that you need to resolve or prevent. Conducting market research, analysis, and surveys can provide useful data and insights. Once identified, rank your threats according to their likelihood and severity.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?