By mixing the information you have and outlining the concerns from PEST and SWOT analysis, you can grasp both outside influences (on a macro-level) and internal factors (on a micro-level). Even though you can’t influence PEST factors, you can take advantage of it with SWOT analysis.
With SWOT analysis, companies can dive deep into their offerings and figure out the most effective way to plan, position, and execute processes or ideas. We plan because starting a business is hectic. SWOT analysis keeps businesses on the right track.
Are nootropics, aka smart drugs, a smart investment? Should companies expand into this health-related niche? This SWOT analysis about nootropics can point you in the right direction.
If you have a business, you should be using SWOT analysis. It’s really that simple. If you decide to use SWOT analysis only a couple of times for your business, be sure to do it these two ways.