To do business online and stay connected to their audiences, having websites is essential for small businesses. A website is a good platform to generate leads, sales and good rate of returns. There are also certain areas of concern for having a website for small business. In this context, it is worthwhile to make a SWOT analysis of having a website for these businesses. SWOT analysis covers strengths, weaknesses, opportunities and threats.
Strengths
- Online presence: Customer is king. You need to be present online where your customers are trying to find. Today, people are doing research in online before they purchase. So, by having a website of your business, you will get noticed by your audience during the search results.
- Affordable and easy to update: When you want to share information about your new products, offers, latest updates to the outside world. Updating them in a website is easy and affordable unlike traditional marketing.
- 24/7 presence: Visitors can access the website 24/7, seven days a week and throughout the year. So, your customers are able to access your site at any time from anywhere in the world. They can purchase your products at their flexible timings by their credit cards or debit cards.
- Builds a good relationship: Your website has a form-fill option which helps the visitors to send their queries, problems and complaints about your products and services. This helps you respond to their queries and can make necessary information. This in-turn leads to build a good relation with your customers.
- Market research: With the help of website, you can do online surveys on your products and services by sending a request to your clients to participate in the research. This helps you know areas where you are good at, and those where you need to focus on.
- Global exposure: Your website is accessible from anywhere in the world irrespective of boundaries. Your can do business in your local area, and you will get customers across the globe.
- Acts as a sales tool: Your website acts a sales tool. If you provide clear description about your products and services with images. This will prompt the customers to come to conclusion very fast.
Weakness
Having a website is not a disadvantage, its proper maintenance is essential.
- Update website regularly: At least once in a month, you need to update your website. This is essential to retain your search engine rankings and your customers. It can also bring new customers and may generate new leads for your business.
- Informal website: A good professional website drives traffic and sales to your business. If you maintain your website informal, it will be difficult for your customers in navigation with broken links, poor info-graphics, poor quality content etc. They get frustrated switch to the other sites. So, make sure to maintain a professional structure to your website. This helps your customers to engage.
Opportunities
- Diversify revenue streams: Website gives a unique identity and success to your business. You can generate revenue by selling a part of space of your website to the other businesses belonging to the same industry. This will increases your revenue and also drives traffic to your website.
- Resource center in your industry: Your website acts as a good resource center by providing good content and links of the other sites of your industry. This helps you in gaining a good reputation in the minds of your industry and audience.
Threats
- Cyber attacks: Your website carries valuable information online. These include customer data, financial transaction records, etc. If you do keep such data, in your website you may lose them because of cyberattacks. The primary cause of these attacks is computer viruses, worms, Trojans and unspecified Malware.
Business suffer from these attacks because:
- Most small business owners are unaware of the risk of cyberattacks.
- They do not take care of their computers to ensure that anti-virus, firewalls and operating systems are up-to-date.
If you overcome the challenges like cyberattacks with proper measures and maintenance of your website, you will benefit from the website for your small business.