What are the strengths and weaknesses of your business? What are the opportunities and threats that face the industry in which your business will exist?

Undertaking a SWOT analysis enables you to assess your current competitive position. It determines what your business is good at and what may need attention.

Strengths may include dedicated staff, a good network of contacts, your image, the business location, financial resources and your ability to respond to market needs.

Weaknesses can include the lack of management skills, the size of premises, having no track record in business, inefficient equipment, attracting the wrong customer type and lack of research undertaken.

Opportunities may include a rapidly growing market, new customer groups to cater for, alternative resources, new technologies and product development.

Threats may include an economic downturn, harsh government regulations, a geographically dispersed market, increasing cost of materials and strong competition.

Work through the 'Conducting a SWOT analysis' activity to gain a clearer picture of the position of the business you are planning.

Try the activity 'Gaining staff input for a SWOT analysis' to see how staff can help your planning.