SWOT Analyzation – Why It Matters

The simple answer as to why you should analyze your SWOTs when starting any new endeavor or when reviewing old ones (whether or not they were successful) is to improve your potential for future success.


Internal

Strengths
Weaknesses

External

Opportunities
Threats

swotFor online, e-commerce businesses, one threat is always hackers and security attacks. This threat can be lessened with daily monitoring and vulnerability scanning, contingencies like data backup, constant refreshing your passwords, etc.

Implement a Strategy Based On Your Findings

Writing down all the strengths and weakness, while identifying all the opportunities and threats are of no use if you cannot implement a strategy. A major part of SWOT analysis is how you implement your strategy based on the data you have received from going through the process. In other words, you need to react to the set of information you’ve given yourself.

You have to utilize the strengths of the firm and take full advantage of the opportunities that open up. Minimizing the weaknesses, when possible,  is also a key factor. You need to come up with ways to either improve on your weaknesses or eliminate them altogether. This, combined with avoiding threats or combating those threats, will give your business a better chance to succeed.

Read the full article here:
http://epicecommercetools.com/2016/10/12/why-analyze-your-swots/

Want more awesome content? Click on the following links:
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