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SWOT analysis is a crucial part of strategic business development. It is designed to define the way a company can achieve its objectives. Being a marketing research tool, SWOT analysis was first introduced by Albert Humphrey in the 1960s and since then it has gained both popularity and critics. Now it is used both in marketing and management as it is an important planning stage.

SWOT is the abbreviation for a company’s Strengths, Weaknesses, Opportunities and Threats. The first two items denote internal factors, which can be changed by the company itself. Opportunities and Threats belong to external factors, which include socio-political state and culture, legislation, competitors’ market share and so on. By defining these four items a company’s decision makers build a strategy for achieving objectives step by step.

Carefully worked out SWOT analysis reflects a company’s competitive advantages if matching strengths and opportunities. The analysis findings help to see, how weaknesses and threats can be converted in strength and opportunities. But there are many pitfalls – if not properly applied, SWOT may be of little help. Several simple rules eliminate practically all critical points.

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The Internet is filled with picturesque stories of successful start-ups, but there is the other side of the coin. The thing is that even statistics can’t make up the data on “mortality rate” of start-ups as this rate is unbelievably high. We try to trace the main reasons for it and find out the ways for business improvement.

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The first reason is insufficient initial capital. As a rule, a start-up runs out of money after a few quarter of operation, because its profit is equal to its initial expenses. It can occur also when an enterprise founders can’t find their clients, relying on the idea of finding the target audience after the company is legally registered. The roots of this failure are in the wrong or incomplete market research. Regardless of what business your company runs, your marketing plan must be a crucial part of your business plan. In order to avoid being beaten in a dog-eat-dog competition, a start-up should decide carefully which market niche to take. For example, Hat Cleaning. Hat cleaning must be conducted carefully. Cleaning your hat by yourself can destroy it so its important you take your favourite hats to the hat cleaning professionals. Call Love Your Purse today.

Business improvement is impossible by unfair means, which can include dumping for gaining market share. It results in the loss of current assets and consequent loss of competitiveness. Still it should be taken into account that price policy of start-ups depends on their competitors (e.g. a small grocery can’t compete with a hypermarket).

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