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5 Reasons to Conduct a SWOT Analysis of Your Business

No matter what type of business you operate, it can probably benefit from a strengths, weaknesses, opportunities and threats (SWOT) analysis. A SWOT analysis explores these four elements. Also known as a SWOT matrix, it’s been around for over a half-century. The SWOT analysis formula was originally developed by researchers at Stanford University in the mid-1960s. Since then, it’s become a core practice of many businesses. Why should you conduct a SWOT analysis of your business exactly?

5 Reasons to Conduct a SWOT Analysis of Your Business

#1) Reveals Positives and Negatives

A SWOT analysis will reveal both positive and negative aspects of your business. Strengths and opportunities, for instance, typically represent positive aspects, whereas weaknesses and threats represent negative aspects.

#2) Used to Secure Financing

You may have an easier time securing financing with a SWOT analysis. Whether you’re looking for debt financing or equity financing, a SWOT analysis may help. It will give lenders and investors peace of mind knowing that your business can compete in its market. All SWOT analyses consist of strengths, which represent the unique value of your business and its products or services.

#3) Goal Planning

In addition to securing financing, you can use a SWOT analysis to plan goals for your business. Your business needs goals to guide it. Not to be confused with an objective, a goal is a task or milestone that you wish to complete within a predetermined period. You can create short-term goals as well as long-term goals. Rather than simply winging your business’s goals, though, you should refer to a SWOT analysis. A SWOT analysis will help you create realistic and attainable goals.

#4) In-House or Outsourced

You can either perform a SWOT analysis in-house, or you can outsource it. Some businesses prefer to conduct SWOT analyses in-house. Other businesses prefer to outsource them. Conducting a SWOT analysis in-house will typically save your business money. On the other hand, outsourcing a SWOT analysis will save your business time.

#5) Business Plan

With a SWOT analysis, you can create a more comprehensive business plan. While there’s no universal format required for business plans, most business plans today now feature a SWOT analysis. You’ll still need to include a summary, business description, financial information and other core components in your business plan, but you can add a SWOT analysis as well.

This article was brought to you by�Intrepid Private Capital�Group�� A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our�website.

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Intrepid Private Capital Group • January 27, 2022


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