A Business Plan helps you evaluate the feasibility of a new business idea in an objective, critical, and unemotional way. In what ways do you believe a business plan can be an effective tool in outlining specific SWOT of future business developments

Explanation:

A business plan is a document that comprises all aspects related to the opening of a new venture and helps to outline and organize essential information about the internal and external environment of the business, such as, what are the risks and opportunities of the business, what is customer profile, what is the starting capital to start the business, what is the marketing plan to achieve the objectives, etc.

The SWOT analysis is a management tool whose objective is to help the company to understand the scenario of its business through the analysis of the internal and external environment that comprises the strengths, weaknesses, opportunities and threats, that is, the strengths and weaknesses that correspond to the the company's internal environment and the opportunities and threats that correspond to the company's external environment. It is considered that organizations that understand their strengths and weaknesses through the realization of the SWOT matrix are better prepared to face and position themselves in the market and to anticipate situations that may represent a substantial risk to the company, therefore it is correct to state that a business helps the company to know what its SWOT variables are and to draw up action plans and active planning to improve its strengths, reduce its weaknesses and better understand the market. The SWOT analysis together with the business plan will help the company to establish a more effective vision of the future and the achievement of goals.

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