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By Mark Oldberg: October 30, 2017: Blog
The SWOT analysis is a great evaluation tool. It can be used to evaluate just about anything, but it is most often used to evaluate a business.
SWOT stands for strengths, weaknesses, opportunities, and threats. These 4 categories are split into two areas. Strengths and weaknesses are internal to the company, while opportunities and threats are outside the company.
When evaluating your strengths ask yourself questions like:
I think the SWOT analysis is one of the first things you should do when you are thinking about starting a business. It is a great way to brainstorm both the positives and negatives of your new potential business. You can then make strategic plans based on what you have come up with. You can utilize the SWOT analysis at regular intervals to ensure you company is being proactive instead of reactive. Continual self-evaluation is what separates the good companies from the great ones.
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