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In this segment, you will conduct a thorough analysis of your business, focusing on its strengths, weaknesses, opportunities, and threats (SWOT). The SCORE business plan template for startup businesses provides an array of worksheets and guidelines, including the SWOT Analysis worksheet, which is instrumental in this exercise. This analysis will help you pinpoint your business’s strengths and weaknesses, and identify how to capitalize on opportunities while mitigating threats. By engaging in this exercise, you gain a deeper understanding of various aspects of your business such as your product, brand, employees, financing, management, and market position, assessing how each can either strengthen or weaken your business. Additionally, this process will guide you in preparing for positive opportunities and potential threats, ensuring your business is well-equipped to handle unexpected events and shifts in the market.
To start, open the SCORE business plan template for a startup business and locate the SWOT worksheet within it. Then, create a new document, rename it for clarity, and return to the SCORE template to copy the SWOT worksheet. Paste the worksheet into your newly created document and begin filling it out by brainstorming the strengths, weaknesses, opportunities, and threats for each business area. Aim to list at least one item in each category for every business aspect, acknowledging that some areas might overlap. For instance, a weakness in your product or service could also be a weakness in your brand. After completing the table, respond to the questions provided below it. These responses will help you start thinking about your business’s future direction, laying the groundwork for more concrete plans down the line. Excellent work! Utilize other SCORE resources to continue exploring your business’s potential, enabling you to ask pertinent questions, gather relevant information, and make well-informed decisions that will propel your business forward. Now, it’s your turn to take these steps: open and use the SCORE Business Plan template, transfer the SWOT worksheet to your document, and thoroughly complete the SWOT analysis and accompanying questions.