A SWOT analysis outlines your Strengths, Weaknesses, Opportunities and Threats. This helps you compare your business against your competitors, build on your strengths and opportunities, and mitigate your weaknesses and threats.
When you’re doing your SWOT analysis think about both internal factors (e.g. staffing) and external factors (e.g. market or demographic trends), and above all – be honest.
This is also a good time to think about your competitive advantage. Why should your customers buy from you rather than your competitors? For example, are you competing on price, service, aftersales support, unique knowledge and expertise, or a different brand proposition? If you don’t know, your customers certainly won’t.