Business Plan Basics SWOT (Part I) – Your Strengths & Weaknesses
- July 11th, 2010
- By Neil McKenzie
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A basic part creating your business and marketing plan is conducting what is called a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. SWOT analysis is a staple in most business programs but I bet you didn’t hear much about it in art school. The first part of conducting a SWOT analysis is doing an inventory of you or your firm’s business strengths and weaknesses. Your strengths are areas which you can capitalize on, they help identify your competitive advantages and provide ideas on how to market your brand. Weaknesses are areas on which you need to improve and they may be a hindrance to your success and growth – either fix your weaknesses or figure out some way to get around them. You need to know your strengths and weaknesses in order to develop effective strategies for your business. Read more
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