Swot / Pest Analysis
SWOT stands for Strengths Weaknesses Opportunities and Threats. they cover all possibilities that may come in business in order to protect the business against anything and to take advantage of the strengths and opportunities. They cover internal origins and external as to be thorough. It is also a good idea to set goals on how best to prevent threats to coming to fruition and how to strengthen weaknesses.
PEST Political Economic social and technological. Sometimes businesses use the PESTLE model that includes legal and environmental. These are more of a long term plan than SWOT. Covering subjects that need to be looked at in the future. Both SWOT and PEST are necessary for business planning.
