Using Swot Analysis To Improve Your Business
Analyzing the strengths, weaknesses, opportunities, and threats (SWOT) of a business is a well-established tool that is widely used by academics, consultants, and advisors. Although it is a simple concept, business owners often struggle when trying to use it because it is so broad. It is difficult to determine where to start, what questions to ask, and where to focus. The obvious problems get attention while many other important issues get overlooked. SWOT analysis is a great tool, but its effective use requires additional structure. Strengths and weaknesses relate to internal factors, while opportunities and threats cover external ones. The internal factors can be divided into five categories: management, workforce, sales and marketing, operations, and financial. The external factors are also divided i...