One of the things that you will be required to do when venturing into business is evaluating
and analyzing the environment and the influencing factors. It is important to note that there
are different factors that affect businesses some of which may work for or against you.
SWOT analysis is considered as one of the best tools when it comes to analyzing business
environment. In this case, the tool can be used to assess your specific position in terms of
project planning, finance, business development, or even personal growth among others. The
idea here is to ensure that you are able to make an informed decision when it comes to
making some business-related strides. SWOT analysis dwells on Strengths, Weaknesses,
Opportunities, and Threats. Follow the following guidelines in writing a good SWOT
Always begin your SWOT analysis paper with an introduction. This is the part where you
should provide information relating to your business and what you intend to do. In essence,
you should share information about the situation that you would want to analyze. For
instance, you can inform the reader about your intention to expand personal business to other
locations. In doing so, make sure you share some background information about your
business and then share the intended moves towards expansion. It is important to ensure that
you uphold maximum clarity when writing the introduction to foster clear understanding of
the main concept among the readers.
This section should enlighten the reader on the underlying strengths of the business. In other
words, you should communicate about what the business does best. Having been in that
particular area, there are some areas that you have managed to build strength in. These should
be capitalized upon in this section. Aside from that, you can mention what people like about
the business. This comes as a selling point for the business in question. The attracting
elements that the business has to its customers can also be mentioned along with the things
that make the establishment better than the competitors.
In this section, you need to point out what that puts the business in question at a
disadvantaged position. It is a matter of comparing the current position of the business in
question with the competitors. For instance, you can consider the resources that the business
has less as compared to the competitors. This comes as a point of weakness that will require
some improvements. In other words, you need to consider why clients choose a competitor
over what you offer.
Now this shifts to areas where the business can reap additional benefits by taking advantage
of the existing opportunities. You can consider trends that are in existent and how they can
work to the merit of your business. Unexplored areas of growth are considered most as the
opportunities that businesses can use to grow their dominance and revenue. For example,
possible sponsorship for a business is an opportunity that can culminate to growth.
Threats in business context are factors that can potentially hinder the progress of business in
terms of growth. In other words, these are obstacles that limit a business from doing what is
necessary in exploring opportunities and implementing strategies. For instance, harsh
government policies can be considered as a threat to business expansion. Such factors should
be discussed exhaustively.
Having discussed the prime elements of the SWOT analysis, it is now time to conclude your
paper. Based on your observation, you should give a verdict on if the business idea is viable
or not. It is a matter of weighing the four elements in SWOT analysis and eventually giving a