The Ins and Outs of Pest and SWOT Analysis

If you are planning a business project it is vital to know about all the factors - within and without that can affect the business. Sample swot analysis and pest analysis India are some of the more popular methods of analyzing these aspects. Below is a concise explanation of the two methods and a comparison between them for a better understanding of the two.

SWOT simply means the following:

1. Strengths – The edge you have over the competing businesses.
2. Weaknesses – The shortcomings you have in this business in comparison with others in the game.
3. Opportunities – Prevailing factors that are lying in wait before being utilized.
4. Threats – Outside factors that may impede your business venture.

Identifying each of the swot analysis factors gives you a firm idea on what can make the business thrive or flounder. The sample swot analysis also helps in identifying external factors that impact on the business in addition to the internal ones. Knowing what ails or helps the venture can go a long way in planning a successful business. You should work through the swot analysis with your team and brainstorm to introduce the relevant factors surrounding the sample swot analysis.

On the other hand pest analysis India stands for the examination of outside factors which can positively affect the venture or can even help conduct market research prior to the establishment of the business. Pest analysis India stands for:

1. Political – Any legislation, global affairs, policies which can impact on the venture in the present or future.
2. Economic – Levies, interest, consumer habits, inflation and interest rates must be considered.
3. Social – publicity, how people shop, the media, global events and ethics also count.
4. Technological – Global communications, technological access, copyrights and patents, manufacturing and research funding.

The pest analysis India is aimed at outside factors which are either influencing your business, the rationale for growth or retardation in consumers and also locates burgeoning opportunities that the business can grasp.

One drawback of the swot is that they are easy enough to come up with as a list but you can overlook vital outside factors as well. A simple list is not enough; you must undertake further examination of the pressures so as to counter them adequately. Similarly, the drawback of the pest is that no internal evaluation is undertaken on it. As a result it is advisable to combine both analyses and use the results in the pest to the opportunities and threats of the swot analysis.

It is always important to have the entire team on hand together physically to brainstorm well about the venture. If not, important information could get lost in translation which would hinder the efforts. Only by doing this can a method of overcoming the potential flaws be devised by the team. However, it is not just that the information is retrieved; it is also that this information is used constructively. This is what ensures that the analysis encourages profits and makes the business successful in the long run.