Welcome to the business buffet side dish. This is a quick snack on a specific area of business. Today,

we will present a concise element you need to run your business. Remember to visit business buffet.

page or listen to wherever you get your podcasts. It's snack time. A swan analysis is a simple yet powerful business development tool

every business can use to identify problem areas and growth potential.

A completed swan analysis is not the end goal,

but the beginning of a strategic development process.

It is intended to identify internal and external factors

that are favorable and unfavorable to achieving your business objectives.

At the end of the exercise, you'll have a set of prioritized strengths,

weaknesses, opportunities, and threats to your business.

With this knowledge, you will create a strategic plan that capitalizes on your strengths

and opportunities and minimizes your weaknesses and threats.

A SWAT analysis is usually organized in a simple two-by-two grid. There are

templates you can download, but my suggested method is to take out a blank sheet of paper,

divide it into four equal parts, and start listing things in the appropriate box.

Strengths and weaknesses are frequently internally related, while opportunities and threats

commonly focus on the external influences on you and your business.

Strengths are characteristics of the business that give it an advantage over others.

Weaknesses are characteristics of the business that place the business at a disadvantage

relative to others.

Opportunities are elements of your business or personal situation that could be exploited

for an advantage, and threats are elements in the environment that could cause trouble for your

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