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SWOT your way to success
A SWOT analysis is simply an analysis of your company’s Strengths, Weaknesses, Opportunities and Threats. It is a great way to position yourself and to understand where you need to focus your efforts in order to keep growing your business. Strengths - things that your business is good at, that you are doing well. It may be a skill, a specific competence or any advantage that you have over your competitors.Weaknesses - things which, compared to your competitors, you do not do well, or which puts you at a disadvantage. Opportunities - realistic avenues for future growth of your company or something that could be used to develop a competitive advantage. Threats - factors that could lead to a decline in your business. These could be things you do not have control over but not necessarily.
By assessing your position in light of this analysis, you can start to build strategies and action plans to: Build on your strengths Pursue opportunities Overcome weaknesses Defend yourself against threats
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