Evaluate your strengths, weaknesses, opportunities and threats

November 22, 2010 - TAGS: Managing, Planning

Istock 000008602259xsmallSWOT analysis is an exercise meant to identify your strengths, weaknesses, opportunities and threats - hence the acronym “SWOT”.

Taking a critical look at internal and external factors that impact your business arms you with knowledge that can help you plan, manage or grow your business. It can help you meet challenges or take advantage of business opportunities.

Identify your strengths and weaknesses

An internal analysis is meant to determine where you have an advantage over your competitors, and where you are not as strong.

The success factors can vary depending on your industry. They include comparing your abilities to your competitors for factors such as:

You will find some comparative industry standards through our Managing and growing section. Since it can be difficult to be objective when evaluating your own strengths and weaknesses, soliciting the views of your employees, customers and suppliers can help.

Identify opportunities and threats

An external analysis takes a closer look at the industry and markets where you do business by identifying opportunities and threats. You will want to find out:

Done well, a SWOT analysis can provide a good scan of your business environment. It can help identify opportunities you may have overlooked and prepare you to meet challenges. A SWOT analysis should not be depended upon solely, but used in conjunction with your arsenal of planning and management tools.

To learn more about planning and growing your business, visit our sections on Business planning and Benchmarking.


Comments

Posted by Robert on November 25, 2010
For a small masonry business we want to set a company for liability protection plus GST/HST and
occasional employee 2 to 3 person total.
Should we use LTD or INC; location to down load forms.
Thanks.
Posted by Canada Business Network on November 26, 2010
Hello Robert

There a number of matters to consider when choosing the form of your business. The Forms of business organization section of the Canada Business points out some advantages and disadvantages of each form - sole proprietorship

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