What is a SWOT Analysis?
A SWOT Analysis is a system that is used to evaluate the Strengths, Weaknesses, Opportunities and Threats of your business.
Strengths– What are the strengths of your business? What are the strengths of your product or service? Do you offer lower prices, faster service, better quality? Identify what are the advantages you have over your competition.
Weaknesses– What are the weaknesses of your business? What are the weaknesses of your product or service? It could be that your product is more expensive or you are located in an area hidden from your target market. Identify what disadvantages you have from your competition.
Opportunities– What opportunities are available for your business? What are opportunities available for your product or service? An example of this is an opportunity to form a strategic alliance or to market to a new group of people.
Threats– What are threats facing your business? What are the threats for your products or service? It could anything from new competition to higher taxes.