Almost every successful business conducts a SWOT analysis before starting a new business. It will help him to run the business smoothly, and he can become the Sultan of Business. In this article, we are going to discuss what SWOT Analysis is and how you can use it to become sultan.
What is SWOT analysis is?
SWOT analysis is a tool which we use to manage change, determine a direction and to set the objectives and goals of business. Simply you can say that it is a way through which you can layout the different threats and resources that you need to keep in mind.
SWOT is composed of four different things that are necessary to find out before starting any business. S of SWOT is from the Strength, W is from weakness, O is from opportunities and T of SWOT comes from the threats. S and W need internal factors whereas O and T need external factors.
How it Works:
SWOT analysis is very simple in use as mentioned above. You can us use four blank paper sheets to do it for your business as SWOT Analysis Example. Just write strength, weakness, opportunities and threats on the top of each paper and start your analysis. For more info about Business Study Notes,
Write strength of the head of thefirst page and start your analysis. Find out thestrength of your business or the method you chose to use and write it down on the paper.
Write your strength in bullet form as it will help you to understand quickly. You can add anything positive about your organization like valued components, thepower of your products, customer value and behavior, your intellectual property and employees are also added in strength.
On the second page start writing about the weaknesses of your organization and the process you are going to follow.Also, write them in bullet form as strength.
This is where you need, to be honest, take the overview of your ideas and find out weaknesses of your business. Be honest and write thetruth about your product status as it is old or not.
After writing strength and weaknesses on first two pages, write the heading of opportunities on thethird page and start writing about it. Here you can write the point that you will find out to start your business. Opportunities mean ways you adopt or find that will help you to increase your business and revenue.
Now you are on the last page of your SWOT analysis where you write Threats. Here you can write about the threats that your business is facing or can face in future. Threats include business competition, supply change problem and much more.