SWOT Analysis

What is it and Why is it Important to Your Business?

by Leo Thomas

SWOT analysis or position analysis is a crucial exercise that all businesses should undertake at regular intervals, whether they are new or old. It is basically a critical appraisal of the Strengths and Weaknesses, Opportunities and Threats in relation to the internal and environmental factors affecting a business.

By undertaking a SWOT analysis a business will be able to prepare much better short and long term plans. It will also allow them to identify gaps between their actual and desired performance and aid them in closing these gaps.

Let us have a look at the various elements that make up SWOT analysis in more detail.

If you undertake the SWOT analysis and make it part of your annual or quarterly business appraisal, you are likely to spot market opportunities more quickly, improve on your products and service levels and reduce the effects of external influences on your business. This analysis is a very good tool to ensure that you make the right decisions as regards the future of your business.

About the Author
Accountants  in Manchester are a full service accounting firm and business  adviser. Visit http://accountantsinmanchester.org.uk/request-a-quote/ to find out how we can help grow your small business.