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What is a SWOT analysis?

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It’s important to be aware of the internal and external factors that impact your company. A SWOT analysis lets people evaluate the current state of their business while also analyzing the company’s position in its industry. This blog will look at each part of a SWOT analysis.

Strengths

What are the differentiating factors about your organization solidifying its place as an industry leader? The strengths category in SWOT calls on businesses to consider their competitive advantages and list them. For example, qualities such as having loyal customers or high-quality products can be viewed as strengths for your company.

Weaknesses

What is currently stopping your business from operating at its best? This is where you list anything getting in the way of accomplishing your goals. Does your company need more funding? Is the brand awareness of your business lower than other members of your industry? Addressing these issues now will allow you to create strategies to overcome them.

Opportunities

What is happening outside your business that can be beneficial to your operations? Opportunities strictly deal with external factors, like the development of new technology in your industry or the reduction of tariffs in a country.

Threats

What is happening outside your business that will be detrimental to your operations? Threats include issues like environmental concerns and increased supply costs. Listing these threats in advance allows business owners to think of plans to combat them and reduce their impact on their companies.

Understanding how to conduct a SWOT analysis is a vital skill that benefits all companies. However, having an industry expert look over your business is also beneficial. If you need a trusted business coach in Springfield, then contact Jim Crisafulli today.

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