Analyzing Your Startup or Small Business with SWOT Analysis

Description
Lots of people like to dismiss the SWOT Analysis as 'fluffy consultancy stuff,' but it's not included in basically every business management text ever and used so ubiquitously because it's useless. So it's definitely worth developing an understanding of how to use and implement it in your business. If you do it right, it will focus your development strategy efforts and lead to better decision making.

So, SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. It's a quick way to look at a business' place in the market in which it operates by examining its internal and external positives and negatives. This analysis can really be done on the back of a napkin, but despite it's simplicity, it can give a business owner clarity so he or she can improve problem areas and make the most of what the business excels at.

Length: 5 minutes 14 seconds