SWOT Analysis is a key part of any business and strategic plan. SWOT analysis helps business in developing strategy by making sure that we have considered all of our business strengths and weakness as well opportunities and threats in the market place.
SWOT stands for:-
S – Strengths
- What do we do exceptionally well?
- What advantage do we have?
- What internal recourses do you have?
W – Weaknesses
- What could we do better?
- What are we criticized for or received complaint for?
- Does business have limited resources?
- What area we need improve to accomplish the business objective?
O – Opportunities
- What are the opportunities do we know about, but have not addressed till date?
- Are these emerging trends on which we can capitalize?
T – Threats
- Who are your existing or potential competitors?
- What are the factors beyond your control that could place your business at risk?
- What external road blocks exist that block our process?
- Are economic conditions affecting our financial viability?
|· Positive attributes
· Internal to organization
· Give you competitive advantage
· Within your control
|· Put you at a disadvantage
· Crucial to identify these early on
· Require detail analysis
|· External attractive factors.
· Pinpoint opening in the market place.
· Market fluctuations, trends, etc.
· Figure out which opportunities are right at this time.
|· External factors beyond your control.
· Market fluctuations, regulations, public perception etc.
· Threats from competitors, supplier and price.