SWOT ANALYSIS FOR SMALL BUSINESSES
Introduction A SWOT analysis is a strategic management tool used by SMEs to understand their internal capabilities (Strengths and Weaknesses) and external environment (Opportunities and Threats). This analysis provides valuable insights for strategic planning and decision-making. By conducting a thorough SWOT analysis, SMEs can gain a clear understanding of their position in the market, identify areas for improvement, and develop effective strategies to achieve their goals. This lecture is particularly designed for History and Diplomatic students and practitioners. Understanding SWOT Strengths: Internal attributes that give your business an advantage. Weaknesses: Internal limitations that hinder your business's performance. Opportunities: External factors that your business can leverage. Threats: External factors that could harm your business. Steps in Conducting SWOT Analysis 1. Gather Information: Internal Assessment: Core competencies Financial resources Human resources Technology…