What is a SWOT Analysis?
The SWOT analysis serves to illuminate the opportunities and risks of a business project and to present them to potential investors. This includes the following points:
- Analysis of the business environment
- Which competitors are direct competitors?
- Are there any regulations or laws that must be observed?
- Which current trends are relevant for the project?
- What is the market situation like?
- Does the political situation possibly influence the project?
- Strengths and weaknesses
Customer focus: For example, is there a specific trend in sport at the moment?
All sports studios that offer these could book this as a strength. If this offer is missing in a studio, that would be a clear weakness, Chaktty said.
Competitive comparison: In the digital age, an adequate online presence is of the utmost importance, according to Techpally.
For example, if most of your competitors have websites with the best responsive design, but you don’t have that feature, you’re clearly at a disadvantage compared to your competitors.
This strength of the competition is also your weakness.
Recognize trends:
Not only the trends of your immediate market are relevant to you. It is therefore a strength to think outside the box and also to observe developments outside of your area of expertise, business pally editor advised in Las Vegas seminar.
If you fail to do this, it can sometimes develop into a sensitive weakness if DZ misses an important trend.
Holistic approach:
Always look at the overall picture of the market. The growing e-commerce sector only uses classic senders with a high level of logistics expertise if the appropriate online know-how is added.
A supposed strength can quickly turn into its opposite if important aspects are ignored.
Internal strengths and weaknesses must therefore be viewed in the overall context of the market.
It is important to take into account all external influences that are or could become relevant to a project.
Therefore, the SWOT analysis must address customer behavior and the competition in just as much detail as current trends and developments in business and politics.
Because strengths and weaknesses do not stand alone but should be understood in connection with these aspects.
the question has to be: Is the company prepared for these external conditions? The strengths and weaknesses emerge from the answers.
- Determine appropriate measures
With the illustrated profile of your strengths and weaknesses in relation to the opportunities and threats that arise from them, you can move on to defining appropriate measures.
This point is most interesting for potential investors, as it shows how practical your concept is. So at this point, you should go into detail when creating your SWOT analysis.
It is less about the quantity of the measures listed, but about a qualitatively detailed execution.
Do not take on more than three to four opportunities that you want to realize with concrete measures, according to businesspally.
Orientate yourself as closely as possible to the practical implementation.
This also includes the exact budgeting of each measure, which should then also be incorporated into the financial plan.
At this point, you prove to the reader that you can recognize and seize opportunities as such. An opportunity to be able to grab by the forelock and then put it into practice profitably.
Let us advise you on the SWOT analysis!
A successful marketing strategy requires a perfectly designed SWOT analysis.
The SWOT is paramount to the success of your project. Use professional advice to help you create it.
The state supports such advice by covering up to 80 percent of the costs.
