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Examples include competitors, prices of raw materials, and customer shopping trends.You may think that you already know everything that you need to do to succeed, but a SWOT analysis will force you to look at your business in new ways and from new directions. is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats.
This is usually the CEO, but it could be delegated to someone else in charge of business strategy.
To help you get a better sense of what at SWOT example actually looks like, we’re going to look at UPer Crust Pies, a specialty meat and fruit pie cafe in Michigan’s Upper Peninsula.
Opportunities and threats are external—things that are going on outside your company, in the larger market.
You can take advantage of opportunities and protect against threats, but you can’t change them.
Use this analysis to produce a list of actions that you can take.
You’ll also want to do this by analyzing how external opportunities might help you combat your own, internal weaknesses.
I like to use the Lean Planning methodology for strategic plans as well as regular business planning (learn more about it Noah is currently the COO at Palo Alto Software, makers of Outpost and the online business plan app Live Plan, and content curator and creator of the Emergent Newsletter.
The point of a SWOT analysis is to help you develop a strong business strategy by making sure you’ve considered all of your business’s strengths and weaknesses, as well as the opportunities and threats it faces in the marketplace. You can change them over time but not without some work.
For best results, you’ll want to gather a group of people who have different perspectives on the company.
Select people who can represent different aspects of your company, from sales and customer service to marketing and product development. If you’re starting or running a business on your own, you can still do a SWOT analysis.