Plot with SWOT


Could you list your business strengths?

Could you list your business strengths?

If you haven’t ever conducted a SWOT analysis to try and identify the strengths and weaknesses of your business, you may have overlooked some important information.

A small business has a distinct competitive advantage over a large corporation in a number of ways. Although at first glance, it may seem that large businesses fare better in many areas due to their greater economies of scale and big marketing budgets, a small business can use its size to great benefit in a number of ways.

Small businesses are generally far more flexible than larger firms. They can react quickly to any type of change, whereas in a large business change is often a very slow process that requires approval from various levels of management before it can be implemented. A small business can respond within hours or days to changes in fashion, demographics, or the actions of their competitors. This should definitely be listed as a strength on the SWOT analysis.

The needs of a customer can be better met by a small business. Entrepreneurs often know their customer base extremely well and can modify their product or service or create new ones as a response to customer demand. They can receive valuable feedback on the strengths and weaknesses of their product line without the need for formal market research.

To find out how WinWeb’s Business Planning software could assist your business, speak to one of our Specialists today.

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