SWOT Analysis is a strategic planning tool to help businesses identify:
Strengths, Weaknesses, Opportunities, and Threats.
SWOT is intended to specify the objectives of your business venture and identify the internal and external factors that are favorable and unfavorable to achieving those objectives.
Strengths and Weaknesses are frequently internal, while Opportunities and Threats are typically external.
Let's review each component:
Strengths: these are the characteristics of your business that give it an advantage over others. Examples include:
Things you do well
Things that separate you from your competitors
Weaknesses: these are characteristics of your business that placeyour business at a disadvantage relative to others. Examples include:
No access to financing
Low consumer base
Opportunities: these are element in the environment that the business or project could exploit to its advantage. Examples include:
Education & Training
Quality service & products
SWOT analysis enables business owners to take visions and turn them into practical outcomes that effect long-lasting change.