What is Business SWOT Analysis
You may have heard the term "SWOT analysis" if you've ever worked in a corporate office setting. This has nothing to do with analyzing militarized police enforcement response units and everything to do with examining your business in-depth. S.W.O.T. is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats.
- What your business excels at
- Characteristics that set you apart from your competition
- Internal resources include competent and knowledgeable personnel.
- Intellectual property, cash, proprietary technology, and other tangible assets
- Things your business is missing
- Things that your competitors excel at
- Resources are limited.
- Uncertainty about the unique selling proposition
- Specific product markets that are underserved
- There aren't many competitors in your neighborhood.
- Needs for your products or services that aren't being met yet
- Your company's press/media coverage
- Competitors on the rise
- The regulatory climate is changing.
- Press/media coverage that is negative
- Changing client perceptions of your business