When identifying ones strengths, there is no need for modesty. The strengths identified will increase the internal confidence within, that the business will be successful. The identification of advantages over the competition and what the particular business/company is able to do better than others is of utter importance. This tool is an internal positive, the strengths of the company do not rely on external factors. The ability to identify strengths of a company, business or idea, is key in building a foundation for success. This can be done by meticulous analysis of every possible factor that could have an impact, whether positive or negative on business development. Group members from different parts of a company can all contribute to the development of a SWOT analysis.įactors in the plan should be prioritized by relative significance to the overall development of a business/project. The best way to conduct a SWOT analysis is with a group brainstorming different ideas and perspectives in relation to the company. This is why SWOT is often completed in the idea stage of a business plan or project. With too many obstacles and disadvantages, it may be more beneficial to terminate. This information is very valuable to determine if the project is worth moving forward or not. SWOT analysis is a relatively simple way to discover major advantages and obstacles that a company or project has to face. This kind of strategic formulation is often key to the development of a business.

This is why SWOT analysis is sometimes referred to as Internal-External Matrix. This tool is meant to identify the goals of an intended business and to highlight possible advantages and disadvantages to the business by analyzing internal and external factors. SWOT analyses are performed by organizations allowing for identification of a company’s strengths and weaknesses, as well as external opportunities and threats. Luka Mihailovic, Brayden Seneca, Tanisha Shekdar & Madison Veperts

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