This may seem simple, but you need to give customers what they want, not what you think they want. And, if you do this, people will keep coming back - John Ilhan
What is a SWOT Analysis?
SWOT stands for:
- Strengths
- Weaknesses
- Opportunities
- Threats
The SWOT Analysis is the process you undertake once you have the results of your market research. It lets you know what the potential strengths, weaknesses, opportunities and threats to your business are.
Strengths & weaknesses are usually things within your business over which you have some control e.g. staffing, pricing etc.
Opportunities & Threats are usually things outside your business over which you have no control e.g. market changes, changes in legislation etc.
To find out more about how this works have a look at the SWOT analysis for ‘Pot Luck’
Now that you understand how to do a SWOT analysis, try doing one for your mini-company.
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