No matter what stage you are in, there will always be hundreds of people and authorities ready to evaluate and judge your business. You need a thorough report card of your venture in order to be well-versed with it, and there is no better entity than yourself to make this evaluation.
What Is SWOT Analysis?
SWOT analysis is a wholesome evaluation of your business enterprise. The word SWOT itself stands for Strengths, Weaknesses, Opportunities and Threats respectively.
A complete SWOT analysis of your business would therefore give you a decent overlook of the current position as well as the future aspects of your business.
Though any time is appropriate for your business to go through a SWOT analysis, it is advisable to do one before officially starting your venture. Before you put money in to bring your ideas to life, it is always good to look at your organisation from a neutral perspective.