The acronym SWOT stands for strengths, weaknesses, opportunities and threats. Organizations of all sizes use SWOT analysis to assess the effectiveness of their operations and to determine how they can take advantage of future opportunities.
SWOT Analysis will help you develop a very strong business strategy. All businesses need a SWOT analysis; nonprofit and profit corporations alike.
Existing businesses need a SWOT analysis (once a year preferably to assess a changing environment and respond proactively. And new businesses should use a SWOT analysis as a part of their planning process.
Designing a unique SWOT analysis will help you consciously consider your business strength, weaknesses, as well as the opportunities and threats it faces in the marketplace.
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