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Amid COVID-19 more businesses are looking at how they will continue on and some are wondering if it is time to close up shop.
SWOT Analysis is a technique for assessing four aspects of your business.
- STRENGTHS: CHARACTERISTICS OF THE BUSINESS OR PROJECT THAT GIVE IT AN ADVANTAGE OVER OTHERS.
- WEAKNESSES: CHARACTERISTICS OF THE BUSINESS THAT PLACE THE BUSINESS OR PROJECT AT A DISADVANTAGE RELATIVE TO OTHERS.
- OPPORTUNITIES: ELEMENTS IN THE ENVIRONMENT THAT THE BUSINESS OR PROJECT COULD EXPLOIT TO ITS ADVANTAGE.
- THREATS: ELEMENTS IN THE ENVIRONMENT THAT COULD CAUSE TROUBLE FOR THE BUSINESS OR PROJECT.
You can use SWOT Analysis to make the most of what you’ve got, to your organization’s best advantage. And you can reduce the chances of failure, by understanding what you’re lacking, and eliminating hazards that would otherwise catch you unawares. Better still, you can start to craft a strategy that distinguishes you from your competitors, and so compete successfully in your market.