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Conducting a SWOT Analysis of your Export
An analysis of your company's strengths, weaknesses, opportunities and threats (SWOT) can assist you in developing your export strategy. Strengths and weaknesses apply to the internal aspects of your operations whereas opportunities and threats make reference to external factors. In essence, your company's strengths are its competitive advantages that will give it an edge in export markets. The strengths also typically describe the activities that you perform well and which may set you above and beyond your competitors. Your weaknesses refer to your constraints or the areas in which your company need to improve in order to remain competitive. Your opportunities consist of the situations in your external environment which you can exploit to your advantage. Your threats on the other hand refer to those situations which exist in the external environment which are beyond your ability to control to your advantage. Your SWOT analysis should:
(i) Be specific and realistic about the strengths and weaknesses of your business;
(ii) Distinguish between where your company is today and where you wish to take it in the future; and
(iii) Be done with your competitor in mind.