BUSINESS PLAN SWOT ANALYSIS
Strategic planning to refine your focus
SWOT analysis can help you frame your business plan.
What is SWOT Analysis?
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. By carefully considering what applies to your business for each of these categories, you can prioritize the steps needed to grow. An effective SWOT Analysis section in your business plan will instruct you on how to leverage your strengths to take advantage of opportunities and to reduce threats by improving your weaknesses.
For a start-up business, strengths might include your idea, a patent or the talent you’ve recruited. Your weaknesses could be your lack of funding or having no customer base. Opportunities should be discovered in your business plan’s market analysis. And your threats might include competitors or the economy.