Your business should have a SWOT analysis that helps investigate its Strengths, Weaknesses, Opportunities, and Threats. In a Strategic Plan, a SWOT helps determine the best opportunities to pursue to achieve growth goals. It aides in identifying which strengths must be developed in the near future to improve the business.
When creating a SWOT analysis, be sure to remain honest and truthful. If the biggest weakness or threat to your business is your lack of customer support skills, procrastination, or lack of education, make certain that you include it in the SWOT analysis. It is the one section of your business plan that you can keep in your pocket as motivation to fix what’s wrong.
Dr. Elijah Clark (December 8, 2015). Building a SWOT analysis for your business [Web log post]. Retrieved from http://elijahclark.com/building-a-swot-analysis-for-your-business/