SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. The goal is to examine internal (Strengths & Weaknesses) and external (Opportunities and Threats) elements of a business. If there are multiple product lines or lines of business the SWOT Analysis can be defined more or less narrowly as necessary.
Once the business to be examined is determined, start listing items that fall under each category. I have performed SWOT Analysis by myself or with a group. In a group, you may generate more items through serendipity. For example, the merging of multiple ideas or the refinement of ideas through discussion.
Keys to Success
- Each point under one of the four headings needs to be something that is clearly definable or achievable. For example, saying you want more customers is perhaps achievable. But, what is more?
- Breakdown points to specifics versus broad sweeping statements. Consider quality. If you say you have a quality product, then how can you objectively compare it to your new, desired state or that of a competitor?
What Do I Do with My Chart?
The real work begins after you have created the chart. Share it, as necessary, to get feedback and refine it. Next you want to look at each category for action.
Strengths: How can I leverage them?
Weaknesses: How can I minimize or eliminate then?
Opportunities: How can I capitalize on these while possibly eliminating weaknesses or threats?
Threats: Evaluate opportunities that can address the threats.
What Do I Do Next?
Start to create actions and action plans to work on the items identified by your SWOT Analysis. Assign tasks and hold staff or yourself accountable for making progress.
SWOT ANALYSIS is a tool that lets you look internally and externally at your business for its Strengths, Weaknesses, Opportunities and Threats.
That is how it works. What do you think? Please comment below.
- Have you used SWOT Analysis?
- Did you find SWOT Analysis helpful?
- Do you go to the extra level of work after compiling categories?
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