Every successful business starts with a plan of action before diving into the industry, whether that’s setting goals and objectives, keywords, competitor research, or creating a storied brand.

One effective research tool for businesses just starting out or trying to get a better grasp of their challenges ahead is to conduct a SWOT Analysis.

SWOT is an extremely helpful analysis tool for defining your approach to the industry. SWOT stands for:

This form of analysis may be ancient to some advanced marketers but still a highly effective tool for discovery. In each area, a business can uncover where their strengths and weaknesses lie, growth opportunities available to them, and get a better understanding of their competition.

The idea is to generate a complete picture of your marketplace in order to build a solid foundation for your business. There is no such thing as doing too much research or preparation. The idea of a SWOT analysis is to take all this research and organize that information into four categories that your team should focus on. Each category is designed to drive awareness to areas that might have been overlooked or for discovering weaknesses in the business model.

According to Purplepass, an event management software, conducting a SWOT analysis is beneficial for:

Strengthening your business strategy and model 

Growing your awareness for external threats 

Limiting surprises from unexpected issues

Clearly outlining where you shine (effective marketing)

Learning more about your story brand 

Read the full story Infographic: SWOT Analysis For Businesses: An Effective Strategic Tool