A SWOT analysis is a tool to recognize the internal strengths and weaknesses of your company and the external opportunities and threats.
Below are five benefits of using a SWOT analysis for your business:
Identify Core Competencies
The analysis can help recognize your company’s capabilities and consider its competitive advantages in the marketplace — the factors that differentiate your company from its competitors.
Identify Flaws
Recognizing your company’s weaknesses is one of the first steps to improving your business. Once you’ve identified the business’ flaws you can begin to understand and take actions to minimize these weaknesses.
Gain Perspective
A SWOT analysis encompasses various aspects of your business and identifies both strengths and weaknesses within your firm. It gives a well-rounded perspective on the business’ current situation.
Plan
The analysis is a source of information for strategic planning so you can plan for the future of your business, as a SWOT helps identify external opportunities that can be captured.
Brainstorm
The SWOT analysis will help you understand the company’s position which will encourages ideas and decision-making on how to build on strengths, exploit opportunities, minimize weaknesses and protect against threats.
A SWOT analysis is a base for strategy and decision making. Internal teams performing a SWOT analysis of your company can easily overlook faults within the business. Outsourcing a SWOT analysis to professionals will provide a fresh and unbiased analysis of your company.
To learn more about the advantages of a SWOT analysis, check out this article from wiseGEEK.com.
Source: wiseGEEK.com
Inderpal Gill, Firstbase Business Services
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