Swot In Business Plan

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SWOT analysis sounds like some kind of scary accounting process—it’s not.Strengths and weaknesses are often internal to your organization, while opportunities and threats generally relate to external factors.For this reason, SWOT is sometimes called Internal-External Analysis and the SWOT Matrix is sometimes called an IE Matrix.More than this, by looking at yourself and your competitors using the SWOT framework, you can start to craft a strategy that helps you distinguish yourself from your competitors, so that you can compete successfully in your market.You can use it in two ways – as a simple icebreaker helping people get together to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool.Consider your strengths from both an internal perspective, and from the point of view of your customers and people in your market.Also, if you're having any difficulty identifying strengths, try writing down a list of your organization's characteristics. When looking at your strengths, think about them in relation to your competitors.A SWOT analysis forces you to think about the future.You know how your business is doing today, but do you know where it will be tomorrow?Apply it at the right level, and supplement it with other option-generation tools where appropriate.This site teaches you the skills you need for a happy and successful career; and this is just one of many tools and resources that you'll find here at Mind Tools.


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