For this second part of my series on the seven components of a good business plan, I want to discuss the SWOT analysis.

There are many online SWOT analysis forms that you can download. They are fun to do and provide you with the ability to break down your internal and external positives and negatives.

Internally in your company, there are strengths (S) and weaknesses (W). Meanwhile, external aspects are your opportunities (O) and threats (T).

“I suggest that the SWOT analysis exercise is completed quarterly—things change.”

When you do this analysis of your company and yourself, be open and honest with yourself. You need to find your strengths and weaknesses, so you can know how to improve. The same goes for opportunities and threats.

Write down the top three for each category as a starting point for a business plan. This will be able to carry you through your career. I suggest that this exercise is completed quarterly—things change.  It is not only a great way to start a business plan, but to continually analyze it along the way. We use it as much as possible for our company.

If you have any questions about this, please feel free to reach out to me by phone or email. I look forward to speaking with you soon.