Q.Briefly state the uses of SWOT analysis and whether it includes identifying new business opportunities?
It is recommended that business firms perform a SWOT analysis every six months to identify their strengths, weaknesses, opportunities, and threats. Strengths are advantages that you have over most practice teams. As you list them, decide how you can demonstrate that you’re really achieving what you say. Your weaknesses limit your practice’s performance, holding you back somehow. For each weakness you list, you must decide what to do about it. Opportunities are situations outside of your practice that you may be able to exploit to create positive results. Some problems are outside your direct influence, and yet they still could hurt your business. This is where you’d list a soft economic environment, for example. To know more in details and to identify new business opportunities, please contact WSI.
- Elizabeth Miranda
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