Conducting a SWOT Analysis of Your Agricultural Business
Many large businesses conduct a SWOT analysis to identify the Strengths, Weaknesses, Opportunities, and Threats of the business in order to keep pace with the competition. You may not consider yourself a large corporation, but completing a regular SWOT analysis of your farm or agricultural business can be beneficial to keep you competitive. It may sound like a difficult task to complete, but it does not have to be. The following paragraphs help explain what a SWOT analysis involves and how to complete this process.
Strengths and Weaknesses
The first two sections of the SWOT analysis usually examine the internal workings of your farm business. These issues or items are usually within the control of the business owners. One example could be future management of the business. Is there a next generation owner/manager who has the interest in the business and the ability to manage the complexities of the business? Another example could be the financial position of the business. Does the farm business have too much debt held as short term?
Here are some sample questions that can be asked to assist in determining your business’ strengths and weaknesses.