Threats are problems from outside that can harm your business or stop your growth.
They are external, and you may not control them. But you can prepare for them.
Examples:
- New competitors in your area
- Price increase of raw materials
- Change in rules or laws
- Economic slowdown
- Bad public reviews
- Technology changing too fast
Questions to Identify Threats:
- Who are our biggest competitors?
- Are there laws or trends that can hurt us?
- Is anything making customers unhappy?
- What future problems can we expect?
Tip: Always have a plan to reduce or avoid these risks.
