SWOT analyses

A SWOT analysis is used to identify the strengths and weaknesses of a business, as well as the opportunities available and the threats it may face. This can then be used to devise a successful strategy for the future of the business, helping to improve upon its weaknesses and overcome the threats.  

• Strengths are what a business does well and how it distinguishes itself from its competitors. Something is only a strength if it gives the business a clear advantage over others (e.g. quality of products, location) 
• Weaknesses focus on the areas in which a business could improve, looking at features such as people, resources, systems and procedures (e.g. lack of resources, poor financial management) 
• Opportunities are the chances of something positive happening for a business, and usually arise from situations outside of it (e.g. changes in social patterns, area growth) 
• Threats are anything negative that could affect a business from the outside. Business owners need to be able to anticipate and take action against them, so they don’t have such a significant effect (e.g. supply-chain problems, shortage of recruits) 

My personal SWOT analysis