SWOT stands for Strengths, Weaknesses, Opportunities and Threats; each are their own category. This section of a business plan breaks down the company by bullet points into the four categories. Strengths and weaknesses should specifically speak about the company while opportunities and threats should pertain to any company in that particular market or industry.
There are different types of SWOT Analyses you can choose from. One way of writing this section is write eight to ten short and concise bullet points for each category. For example:
- Professional and Experienced Management Team
- Developed Brand Name
- Currently Holds Large Market Share
- Unique Product
Another option is to write four to six longer sentences which fuller explain each strength, weakness, opportunity or threat:
- There is a lack of supply in New York City for professional caregivers and the Company can meet this demand before new competition arises.
- The Company has room to expand it’s product line which will thereby continuously create new revenues streams.
- Since the Baby Boomer Generation will enter into the retirement stage of their lives within the next 10 years, the market for the Company’s products and services will grow.
In addition to writing a short sentence explaining the strengths, weaknesses, opportunities and threats, you can also explain how you will capitalize on strengths, address weaknesses, maximize opportunities and minimize threats:
Threat: There are many copy-cat companies in the market.
Minimize Threats: The Company will offer incredible customer service and will give two year guarantees on all products which will be an incentive for customers to choose the Company’s products over the copy-cat companies.