A SWOT analysis is a very useful tool for a business. It identifies the strengths, weaknesses, opportunities and threats that face the business. Some of the ideas that can be included in a SWOT analysis are shown below:
- Strengths (internal): Staff, experience, skills, product quality, finance, location.
- Weaknesses (internal): Lack of finance, lack of skills, no experience.
- Opportunities (external): Gap in the market, new market, location, strong economy.
- Threats (external): Competition, new market, fashions and fads, declining market, legislation.