SWOT Analysis: What Factors Affect Your Business?
The SWOT analysis is one of the most well-know frameworks for assessing the internal and external factors that impact a business โ namely the strengths, weaknesses, opportunities and threats. By evaluating these factors, businesses can gain insight into their current position and develop strategies for future success.
How to Complete the SWOT Analysis
Completing the SWOT exercise involves four key steps:
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Strengths: Identify the internal factors that give your business an advantage over its competitors. This could include skilled employees, a strong brand, or proprietary technology.
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Weaknesses: Identify the internal factors that place your business at a disadvantage relative to its competitors. This could include limited resources, lack of experience in a certain area, or poor customer service.
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Opportunities: Identify the external factors that could positively impact your business, such as emerging markets, new technologies, or changes in consumer behavior.
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Threats: Identify the external factors that could negatively impact your business, such as new competitors, changes in regulations, or economic downturns.
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Once you have completed each section, you can use the insights gained from the SWOT exercise to develop strategies that leverage your strengths, address your weaknesses, take advantage of opportunities, and mitigate threats.
