SWOT stands for strengths, weaknesses, opportunities and threats. This analysis can be carried out for a product, a specific project, a whole business or even an entire industry.
The benefits of a SWOT analysis are that it:
- Provides a framework to guide you through business planning
- Allows you to assess how to stand against your competition
- Helps you identify or clarify your USP (unique selling point)
- Makes you face up to any problems in your business that you may otherwise be ignoring
How to Create A SWOT Analysis For Your Business
Whether it's to help you create a business plan for investors, present to a board or for your own personal use, creating a SWOT analysis is a cornerstone of any good business assessment.
There are two parts to a SWOT analysis: