A SWOT analysis is a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in your business.
Characteristics of the business or project that give it an advantage over others. For instance:
High quality assortment
Ongoing product innovations
The presence of customers lists etc.
In our business plan you can find a list of Strengths where you can choose from or adjust.
Characteristics that place the business or project at a disadvantage relative to others. For instance:
Insufficient owner’s equity
No direct marketing experience
Downtime and slow systems and processes
In our business plan you can find a list of Weaknesses where you can choose from or adjust.
Elements that the project could exploit to its advantage. For instance:
In our business plan you can find a list of Opportunities where you can choose from or adjust.
Elements in the environment that could cause trouble for the business or project. For instance:
Delays at the supplier
Possible accession cash rich competitors
In our business plan you can find a list of Threats where you can choose from or adjust.
SWOT analysis is just one method of categorization and has its own weaknesses. For example, it is not sound to compile lists rather than to think about actual important factors in achieving objectives. Clear prioritization is needed so that, for example, weak opportunities doesn’t balance strong threats.
It is prudent not to eliminate any candidate SWOT entry too quickly. The importance of individual SWOTs will be revealed by the value of the strategies they generate. A SWOT item that produces valuable strategies is important. A SWOT item that generates no strategies is not important