twitterfacebook
Top 30 sites for freelancers
Every site you'll ever need! check it out →

What is SWOT analysis?

What is SWOT analysis?

What the heck is swot analysis?

It is actually very simple.

Swot analysis is thus:

 

So what the heck does this all mean?

We have:

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:

Internal:

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.

 

External:

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.

Written by OIiver

Oliver is a 20 year old web-enthusiast and entrepreneur from the UK. He enjoys Marketing, SEO, Technology and Business.