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SWOT analysis

by Lynn F. Kime and WinifredW. McGee

A SWOT analysis is a tool that helps you evaluate the Strengths,Weaknesses, Opportunities, and Threats (SWOT) involved in any business enterprise— including farms and ranches.

A SWOT analysis can help you gain insights into the past and think of possible solutions to existing or potential problems—either for an existing business or newventure. For a SWOT analysis toworkwell, everymember of your team (your family and/or employees, lawyer, accountant, and insurance agent) should be involved in the process.

After you read this overview, youwill find a description of a sample farmand have a chance to go through a SWOT analysis for it. This exercise should help prepare you for doing your own SWOT analysis.

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