SWOT Analysis for the business owner
The SWOT analysis is a business analysis tool available in the tool box of any small business owner. However, running a business forces you to focus on the issues and fires burning today, not tomorrow. Learn how to apply a SWOT analysis to your business and position yourself ahead of competitors.
What is A SWOT Analysis?
A SWOT analysis may sound like a form of mission planning for James Bond. A SWOT simply stands for: Strengths, Weaknesses, Opportunities, and Threats. Each area forms a box on a grid and you fill in each section to help formulate a marketing strategy.
Strengths and weaknesses focuses your business to look internally at what your business can do. Many business are great at looking inward but fail to look outside their company. Threats and opportunities are external; focusing on the conditions of the real-world. This is where a SWOT analysis is helpful. It challenges you to see beyond your company walls to determine what opportunities are open for your company and how to capitalize on your strengths.