Ever played the board game snakes and ladders? It's a helpful analogy if you’re interested in the understanding SWOT analysis. Much like the game snakes and ladders, in business, opportunities are ladders you can climb to boost business growth. Whereas snakes are threats that can adversely impact the progress of your business.
But unlike the game, which is based on luck, you need to make business decisions based on facts, data, and insights. And one way to gather this information is through SWOT analysis.
SWOT analysis can not only help you identify opportunities and threats but also help you evaluate the strengths and weaknesses of your business. It’s specially designed to take into consideration both internal and external factors that play a key role in the growth of your business.
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