Every business should have a written business plan. That plan is your roadmap to the future success of your company. Whether you’re a new business creating that blueprint for the first time, or an existing business conducting a strategic review, you want to create a clear, strategic plan to achieve your objectives. That plan includes building on strengths, minimizing weaknesses, maximizing opportunities and overcoming threats, which are all a part of a SWOT analysis.
But how do you determine what opportunities your business should pursue or what threats there are to your business’ success? In what areas does your business, and the people in it, excel? Are there weaknesses that need to be addressed?
What is a SWOT Analysis?All these questions can be addressed with a SWOT analysis. This analysis is a strategic planning tool to help a company identify your company’s Strengths, Weaknesses, Opportunities, and Threats, or SWOT. Strengths and weaknesses are…