What the heck is swot analysis?
It is actually very simple.
Swot analysis is thus:
So what the heck does this all mean?
Internal: Obviously this is anything that is to do with inside the business, such as employees, shareholders, partners, products etc..
External: Competitors, businesss partnerships.
Both can be good, and both can be bad. SWOT analysis is helpful to identify opportunities and negativities that may help/hamper your business.
Literally, all we do is this:
Strengths: We have a very nice and friendly team, we have years of computer experience
Weaknesses: None of the team are particularly good with finances.
Opportunities: There is funding available from my bank
Threats: There’s a guy down the road who is also offering computer repair, he is also cheaper, don’t ask me how, but im not sure if I can compete with his low prices. I need to find a way of beating him without having to drop the price.
As a result of our SWOT analysis, we can see that we need to find a way of attracting customers without dropping the price, or find a way of improving our business’s finances. We should invest in accounting software to help with our finances.