What is SWOT Analysis?
SWOT analysis will help you understand where your company stands, which will encourage you to develop ideas and make decisions on how to build strengths, take advantage of opportunities, minimize weaknesses, and guard against threats. Here are four benefits of doing a SWOT analysis of your business:
Maximize core competencies - It provides a clear view of your core competencies and allows you to build on them to meet your business goals
Eliminate Weaknesses -- Identifying your company's weaknesses is the first step to improving your business. It reveals your weaknesses and provides an opportunity to reverse them
Explore Opportunities - It helps you explore future opportunities. Using this, you can draw up a strategic growth plan based on your strengths and weaknesses
Recognize potential threats - This helps you analyze the threats that your business may face, and then you can make the necessary changes to your business policies and necessary actions. In addition, it also helps to develop supplementary or replacement plans, contingency plans, etc
Nike SWOT Example:
