Wondering about the SWOT business plan components you should cover? The SWOT analysis is a competitive assessment tool that is sometimes included in formal business plans, though it is NOT an element required by the Small Business Administration and is often eschewed by savvy investors and venture capitalists. The SWOT analysis is intended to allow you to identify the strengths, weaknesses, opportunities, and threats (“SWOTâ€) that your business faces. It's more commonly performed for existing businesses seeking to expand into new markets or reposition themselves with a capital influx; SWOTs are less relevant for new businesses just starting up. In advanced scenarios, you can perform a SWOT analysis for your competitors, as this tool can teach you something you didn't know about their positioning or weaknesses that might yield possible inroads for you. In the business plan, if you include a SWOT, it can be lumped into the marketing and implementation strategy or simply used as a replacement for the conventional competitive comparison. Regardless of where you put this piece you should try to show the following data for your competitors:
• Sales figures for the trailing 12 months
• Leading suppliers, customers, etc.
• Weaknesses in service or offering per web reviews, primary research, etc.
• “Who's who†inside the organization
Data like this can be obtained by making phone calls, scouring the Internet, and subscribing to paid services like Dun & Bradstreet for company sales and executive data. If you don't have the ability to reach these tools or want help turning them into a compelling competitive assessment for your business plan, call MasterPlans. We have worked on competitive research since 2002 and we have the ability to make the competitive landscape part of your business plan the strongest section of the document. No matter what your needs are and no matter where you intend to go for funding, we can write the exact business plan you need. Consultations and quotes are always free – call today: 877-453-2011.
