Investors and business partners will no doubt question you about what you see as your strengths, weaknesses, opportunities and threats, so making a SWOT analysis before meeting with any partner is a very smart move. No matter what type of entrepreneur you are or what ambitions you have for your business, the SWOT analysis should be included in your business plan: It will demonstrate that you understand your competitive market. Take the time to address each of the factors identified and lay out what you plan to do about them: both how you intend to capitalize on your opportunities and strengths, and how you plan to head off threats and eliminate weaknesses.
Remember to carefully consider where you could benefit from getting help: If a weakness is that you lack experience within a field, then hiring, consulting or partnering up with an experienced resource may be your way out – and this may even turn into an opportunity if this person brings additional value and skills to your business.
Your business environment is constantly changing and your business plan needs to reflect the actual situation – not how it was when you started. Revisit your SWOT analysis and your business plan regularly - annually at least - or when your business develops or you face changes in your market or competitive conditions. Remember that these materials don't just serve the purpose of convincing potential partners – they are valuable tools for developing your business.