What is a SWOT Analysis?
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. Conducting a SWOT analysis of your business is a lot more fun than it sounds. It won’t take much time, and doing it forces you to think about your business in a whole new way.
The point of a SWOT analysis is to help you develop a strong business strategy by making sure you’ve considered all of your business’s strengths and weaknesses, as well as the opportunities and threats it faces in the marketplace.
Thinking about your new business in terms of its ‘SWOTs’ will put you on the right track right away, and save you from a lot of headaches later on.