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Summary: A SWOT business analysis is identifying strengths, weaknesses, opportunities and threats of a business plan. Put together a SWOT business analysis with tips from a marketing professor, business entrepreneur and strategy consultant in this free video on business.
Dr. David Furse has more than 30 years experience as a marketing professor, business entrepreneur and strategy consultant. He founded NCG Research, Inc., a consulting and market...read more
"Anyone whose ever been involved in doing business planning has been exposed to doing a SWOT analysis; strengths, weaknesses, opportunities and threats. Keys to know about doing our defective SWOT analysis, there are two components, internal and external. Internally, you're looking for strengths and weaknesses specifically those things that what hamper your accomplishing the strategy or the direction you have in mind. External analysis is looking for opportunities and threats. Again, those things specific to where you anticipate that you're going to be going. The result of this is a SWOT profile which is where most people stop. Actually that's a mistake. The key next step is to try to identify what are, which of these are likely to happen, more likely or less likely and what impact do they likely to have, low or high. Things that have low probability and low impact, even though they're key issues, they don't affect you and you should ignore them. The second category would be those with have high impact but are lot likely to happen. These things rather than building a strategy around them should be put on a watch list that you keep track of. Third would be things that have a high probability of happening but they have relatively low impact. Rather than making them the core of the strategy or your business plan, create contingency plans if they should happen. You really build a plan around your strategic issues around those things, those SWOT items that have high probability and high impact."
eHow Article: SWOT Business Analysis