You are preparing a business plan to apply for financing and the lender has suggested that you include a SWOT analysis.
View the SWOT Analysis for Netflix and the Chapter 4 Appendix in your textbook for reference.
Consider the items within your control. These are situations and circumstances in which you must operate and can create change. It’s important to honestly assess your business and your financial situation to bring your business into existence. This is a chance to dive deep! Begin by assessing strengths and weaknesses, and then move to opportunities and threats.
Internal Factors are within your control and represent the Strengths and Weaknesses of the business. Some examples of circumstances you can change or influence include:
• Customer service
• Product/Service quality
• Product/Service assortment
• Financial circumstances
Ex: Busy location with high foot traffic Ex: Low cash reserves or
store needs renovation
External Factors are outside of your control but important to identify, capitalize, and mitigate. Some examples that you cannot change or influence include:
• Regulations/Laws (federal, state, local)
• Available talent pool
• Costs for materials
• Insurance/Licensure requirements
• Global pandemic
Ex: Expand market to include college students Ex: Joe’s Pizza is providing deep discounts and coupons (competition)
In 300 words or less, identify 1 opportunity or business insight you gained from this exercise. Provide your best example of how you could use this information strategically.
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