I have decided to create a 2013 business/marketing plan because I want my website rankings and bank account to resemble the graph to the left. A very important part of any business plan is S.W.O.T analysis.
What is S.W.O.T analysis?
It’s an Accronym for Strenghts, Weaknesses, Opportunities, Threats. If you are considering starting any business you should definetly complete this kind of analysis to help you decide if it’s going to be viable and profitable for you.
Including this analysis in your business plan can help your business with competitor evaluation, marketing, research reports, business and product developments. If your are setting up any kind of internet business you should at the very minimum do some kind of keyword research, I have written before about keyword research.
- Strengths – What are you and your businesses strengths, how are you better than your competition?
- Weaknesses – What could you improve? How is your competition better than you?
- Opportunities – What opportunities are there for your business, what areas could you expand into?
- Threats – What threats are there to your business and business income?
Once you have identified the above you need to look at how you are going to capitalise on your strengths, opportunities or reduce your threats and weaknesses.