What is SWOT Analysis?
Why Use SWOT Analysis
How to Use SWOT Analysis
What is SWOT Analysis?
SWOT Analysis
is simply a structured way of listing and evaluating an person’s, a project’s,
a business venture’s or an organization’s Strengths, Weaknesses, Opportunities
and Threats. SWOT Analysis can also be carried out for a product, a service, an
industry or even a place.
Why Use SWOT Analysis
The purpose of SWOT analysis is to relate your business,
organization, project, product, service or personal performance (strengths and
weaknesses) with factors in the environment (opportunities and threats) to
enable you determine the next ‘best’ action to take or changes to make.
How to use SWOT Analysis
Step
|
Action
|
1
|
Complete the S-W-O-T template below: List S-W-O-T from different internal and
external perspectives, e.g., what you think versus what your customers think.
|
2
|
Analyze the S-W-O-T template: The real value of S-W-O-T
analysis comes from thinking through the implications of what you have
uncovered. Look to analyze:
· Strengths: How
can you gain a more competitive advantage from your strengths?
· Weaknesses: Determine how to
eliminate or minimize the weaknesses and which need to be addressed immediately as a priority.
· Opportunities:
Capitalize on those opportunities that play to your strengths or that boost
your weaknesses.
· Threats:
Protect yourself against threats, particularly those that threaten your
strengths or take advantage of your weaknesses.
|
3
|
Develop an action plan based on the insights gained.
|
SWOT Analysis Template
Strengths
These are the things that are done extremely well and
provide competitive advantage.
|
Weaknesses (Problems)
These are the things that are done poorly that can be
improved. It is best to be realistic and face any unpleasant truths at this
stage in the planning process.
|
Opportunities
Internal & External changes can provide opportunities
that an entity can turn to their advantage.
|
Threats (Problems)
Threats can be minor or can destructive. Look for negative trends and
changes. What obstacles might your business face? Look at all threats but
particularly those that threaten your strengths.
|
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