Business planning - what a SWOT analysis can do for you
- STRENGTHS: Knowing the strengths of your business like special skills, motivations, technology, or financial capacities helps to identify the areas that you already have covered.
- WEAKNESSES: It is important to review negative factors such as lack of capital, unproven products or skills shortages to know where to focus more of your planning.
- OPPORTUNITIES: If you have considered the opportunities that will push your business forward, you will be more likely to take advantage of them. They may include promising customer relationships or weak competitors.
- THREATS: Accounting for all the factors that may negatively affect your business means that you can plan remedies around them.
Need to complete a S.W.O.T analysis for your business? BizConnect provides a structured SWOT analysis worksheet that helps you analyse the strengths, weaknesses, opportunities and threats related to your business.
This SWOT analysis worksheet covers:
Strengths may include special skills, motivations, technology, or the distribution or financial capacities that you possess.
Weaknesses are negative factors, such as lack of capital, shortages of skilled personnel or unproven products.
Opportunities are positive circumstances that, if exploited, will boost your company’s success. They may include untapped markets, promising customer relationships and weak competitors.
Threat factors should include not only clearly visible threats, such as pending regulations, but potential problems, such as economic downturns, new competitors or changes in consumer tastes.
Click here to download: SWOT Analysis Worksheet (Word Doc)
Click here to download: SWOT Analysis Worksheet (Pdf)