SWOT is an analysis and planning tool. In simple terms, it means taking a stock of your situation and that of market. SWOT analysis makes you wiser and enables you to approach your business more confidently.
What is SWOT?
S-Strengths
W-Weaknesses
O-Opportunities
T-Threats
While strengths and weaknesses are internal factors in your business, opportunities and threats are external factors.
How to use SWOT for your web business?
Before you carry a SWOT, you need to define your goals and targets. Only if you have your goals in place, you would be able to carry an analysis.
List Your Business Strengths
What is strong about your business. There could be many aspects that you may want to list. Good website, updated content, robust scripts, simple and friendly interface, strong workforce are few of many strengths that you can think about. Write as many assets as you posssess.
List Your Weaknesses
What is weak in your business? Less budge, working part time, Not enough knowledge, external dependence could be weaknesses.
Opportunities
Are there enough opportunities for your business. Is there enough market. A new joint venture could mean a new opprtunity.
Threats
What are present or future threats to your business. Falling economy, competitor product could prove to be a threat.
After you have done the analysis, analyse it further to bring out strategy for business development.
SWOT is a process that you must carry out periodically for all your websites.
Not only you would be wiser, but smarter too.
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Tags: Build A Better Business, Business Strength, business Weaknesses, IM, online business, Opportunities, Threats
