A SWOT analysis is a tool used in small business planning that evaluates the Strengths, Weaknesses, Opportunities, Threats in your market.
The power of a SWOT analysis is two-fold. First, by exploring the strengths and weaknesses of your competition, you can identify a niche that may be untapped, and other areas that may lead to greater business success.
Second, a SWOT analysis guides you as you identify your own weaknesses. This will help you anticipate the threats you may face, then maximize your strengths to compensate for the weaknesses you identified. By conducting this type of well-rounded analysis, you can develop a marketing strategy that sets you apart from the competition.
A SWOT analysis can be conducted in several different phases of business planning, but is most commonly used in small business marketing plans.
Read through this SWOT analysis guide for more detailed tips.
