What Is The Importance Of SWOT Analysis?
What Is The Importance Of SWOT Analysis?
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prashanth0011
SWOT analysis is performed to assess and review strategies. Following are some reasons why SWOT analysis is important:
1. Helps in Resource Utilization: Doing a SWOT helps you identify your available resources and to plan how to use those resources effectively and efficiently.
2. Improving Business Operations: Going through your weakness, you can determine the shortfalls in your operations. These short comings can be improved by planning and devising a strategy.
3. Dealing with risks: Threats in SWOT are a form of risk indicator. Knowing and predicting threats beforehand lets you to be prepared with risk mitigation plans.
4. Building a Competitive Strategy: Doing SWOT analysis of your competitors will enlighten you with their short comings and strengths that you can act as opportunity and threat for you respectively.