Majority of the founders would like to know about SWOT just before writing a business plan, hope this article should help their life easier. Conducting a SWOT analysis of your business is a good exercise. It won’t take much time. However, it is worthy to conduct and doing it let you to think about your business in a whole new way.
SWOT analysis is a feed to prepare good business strategy. Strength, Weakness, opportunities and threats of your business. This analysis will make great difference to know what is your strength and how it can be highlighted. What is the weakness and how it can be conquered. What are the opportunities? How can be grabbed? What are the threats and how can be mitigated.
Every business should have SWOT. For the best results I would advise the analysis should be conducted in the initial days of business. Indeed, it should be done for the existing business either. Apparently, I would say a person can also do SWOT analysis to plan better future.
Strengths, weakness, opportunities and threats are different from business to business. Eventually, these are based on nature of business.
- List down the advantages about your core team.
- USP (Unique selling point ) is one more strength. It keeps you stand out from the crowd.
- Business partners and associates can really help grow your business quickly.
- Funds and financial support, majority of the startups are being shut down due to lack of funds, indeed, having good amount of funds is a big advantage.
- Domain knowledge and technical expertise are the keys to drive. Having these two keeps you confident enough to face the battle.
- Other internal positive factors can be considered as strengths.