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Business Tips From SCORE: SWOT Analysis Should Be Part Of Your Business Planning

Published September 25, 2022

Almost any planning initiative whether it be aimed at launch, growth, maintenance, or exit can apply the use of a SWOT — Strength, Weaknesses, Opportunities and Threats — analysis to give the plan depth. When launching a new product, rebranding, taking a new direction or even expanding by buying out a competitor this approach to developing a plan is beneficial. It’s an approach to planning that helps actualize your enterprise’s vision.

A good SWOT analysis becomes a roadmap since it points to elements of your business that are working, not working quite well, danger signs and potential new roads that could be taken. It allows you to prioritize elements that appear to be equal until evaluated one against the other. This process guides you to ways to improve your processes and procedures. And, it shows you where there are elements that can hold you back from accomplishing your stated goals.

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