![]() ![]() ![]() Work on necessary changes or improvements.Think of it as your annual State of the Business. Both should be included in a business plan if you need to seek startup financing.Įxisting businesses should perform a SWOT analysis annually. If you’re starting a new business, a SWOT analysis can help you decide on a business model and gain competitive advantage.ĭoing it will inform your break-even analysis and give a more realistic picture of what you’re signing up for. ![]() You know how your business is doing today, but do you know where it will be tomorrow? This process will help you figure it out and-more importantly-create a strategic plan for it.īoth large and small businesses should do a SWOT analysis. The SWOT framework forces you to think about the future. Doing a SWOT analysis doesn’t involve addition or subtraction, but it is very helpful. “SWOT analysis” sounds like some kind of scary accounting process-it’s not. In the meantime, start building your store with a free 3-day trial of Shopify.Ī SWOT analysis lists the good and bad things about your business, both from an internal and external viewpoint. You’ll start receiving free tips and resources soon. ![]()
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