A SWOT Analysis is a tool or formula used to analyze an organization, business, or idea to determine its Strengths, Weakness, Opportunities, and Threats. It helps you to build upon and leverage what you do well, to address what you could improve upon, to acknowledge and minimize risks, and to take the greatest possible advantage of chances for success. Although each element has its own criteria, some criteria may apply to more than one. The most important part of a SWOT analysis is to improve the viability of your company. The results can be translated into valuable data that can direct you to the appropriate plan of action thus getting your business off to a solid start.
We’ve attached two video examples that may help you understand even more including one analyzing the coffee giant Starbucks.