When it comes to getting an edge over their competition, most business owners will do everything in their power to get that competitive advantage they long for, even if that means using unorthodox practices. However, most of them forget one of the best tools they have at their disposal – a SWOT analysis.
What is a SWOT Analysis?
The SWOT analysis is a very effective tool that can be used by companies to understand the position in their niche or industry. Also, it allows them to develop powerful strategies in order to remain strong and competitive on the market.
Used mainly in a business context, the SWOT analysis can help your company stand out of the crowd by knowing what your strong points and weaknesses are. Moreover, a SWOT analysis can help you find out opportunities and stand away from threats. However, if used in a personal context, this tool can help you make the most of your skills and find the best career that complements your abilities, talents and opportunities.
What makes this tool extremely powerful is that it can help you uncover real opportunities that can be exploited. Additionally, by understanding the weaknesses of your business, you can eliminate those threats that lie in wait for you. Made by Albert S Humphrey back in the 1960s, this analysis is as useful now as it was 5 decades ago.