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SWOT Analysis

A SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is just a tool to help remind you of the business factors (internal and external) that affect your business.

A SWOT analysis helps you:

  • Examine and build on your business (S)trengths
  • Examine your possible business (W)eakness
  • Look for business (O)pportunities
  • Examine ways you are going to counter the business (T)hreats that come at you

A SWOT analysis can be used in several ways:

  • Examine your business as a whole
  • Use it for new product launch
  • Use it for a new service launch
  • Use it to change a current process or product

A SWOT analysis is often part of your strategy and implementation part of your business plan. A SWOT analysis can assist you in better understanding of your business, it tells you in what areas you are doing well and other areas of yor business that you need to brush up on. It also helps you keep a watchful eye on your market, including your competitors, and predict changes that you will need to address to make sure your business is successful now and in future times.

A SWOT analysis is a useful business tool for brainstorming and strategic planning. You’ll get more juice from your SWOT analysis if you conduct it with a specific objective in mind. For example, you can use a SWOT analysis to help you decide if and how you should:

  • take advantage of a new business opportunity
  • respond to new trends
  • implement new technology
  • deal with changes to your competitors’ operations.