Business development evaluates the opportunities that are presented to your organization to formulate a strategy to meet the core objectives of the organization. Opportunities can be met for the benefit of the organization when there is an understanding of the internal and external factors that affect that particular business. This is best analyzed by preforming a SWOT analysis.
Small business owners and entrepreneur commonly use SWOT analysis to develop a competitive advantage and an appropriate business strategy for the organization. an effective strategy will do three (3) things: (1) exploit an organization;s strength and external opportunities, (2) buffer or protect the organization from external threats, and (3) correct critical weaknesses that are affecting the stability and grow of the organization.
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