What Is SWOT Analysis In Business? Know Understanding, To Factors That Affect It

YOGYAKARTA Before opening the MSME business, it is better for business actors to carry out SWOT analysis in order to understand the strengths, weaknesses, opportunities, and challenges of business.

SWOT analysis in business emphasizes the importance of the role of internal factors and external factors in order to develop an idea planning strategy and solve problems effectively.

Well, in the following article, VOI will discuss what SWOT analysis is in its business as well as its objectives, benefits, and factors that influence it.

SWOT's method of business analysis was first introduced by Albert Slope in 1960 while initiating a research project at the Stanford Research Institute. Since then, SWOT's analysis has been used by business people to grow and develop their companies.

What is meant by SWOT analysis is the planning method by evaluating 4 components, namely strength (power in business), wealth (weakness of the company or business), opportunities (business opportunities), threats (business threats).

From the above understanding, it can be concluded that SWOT analysis will help business owners manage the level of strength, weakness, opportunity, and threats they have systematically.

By conducting SWOT analysis of the business, all related parties can better understand and recognize the company's plans.

SWOT Analysis Goals In Business

Quoted from the Gramedia Blog, SWOT analysis has its main objective as follows:

Benefits Of SWOT Analysis In Business

There are many benefits of SWOT analysis that business people can get, especially when planning a business.

When business people make four SWOT components a basic reference during the planning process and implementing strategies, they can consider decisions and determine priorities better.

In other words, SWOT analysis can be used by business people to assist in the planning process to implement a structured and systematic series of business stages through basic knowledge of the following things.

Factors That Affect SWOT Alanisis In Business

In general, there are two main factors that influence SWOT analysis in business, namely internal and external factors. These two factors are also known as the Matrix IE. Here's the review.

That's the information about what SWOT analysis is in the business. Hopefully this article can add insight to the loyal readers of VOI.ID.