SWOT Analysis! Why is SWOT important for a business?
Channel: Ariana
Date: 2022-02-06

SWOT analysis is a key part of any business and strategic plan. SWOT stands for strengths, weaknesses, opportunities and threats. While strengths and weaknesses are internal origin attributes of the organization, opportunities and threats are external origin attributes of the environment. While Strengths and opportunities are helpful to achieve the objectives, weaknesses, and threats are harmful to achieving the objectives. 

A SWOT diagram analyses a project or a business venture by focusing on each of these factors. Typically consists of 4 boxes one for each area. A SWOT diagram can be especially useful when trying to decide whether or not to embark on a certain venture or strategy by visualizing the pros and cons by clearly outlining all positives and negatives of a project. SWOT analysis makes it easier to decide how to move forward.

Watch this video to gain knowledge about SWOT Analysis and how it works for an organisation.

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