How To Do A Swot Analysis (With Examples)

     

Use SWOT Analysis to assess your organization"s current position before you decide on any new strategy.

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Find out what"s working well, và what"s not so good. Ask yourself where you want to lớn go, how you might get there – and what might get in your way. These are big issues, and you"ll need a powerful but simple technique to help you: SWOT Analysis.

This article, đoạn Clip và infographic will help you khổng lồ discover what SWOT Analysis is, how to carry one out, & how khổng lồ apply its benefits lớn the max.

What Is a SWOT Analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, & Threats, and so a SWOT Analysis is a technique for assessing these four aspects of your business.

You can use SWOT Analysis to make the most of what you"ve got, to your organization"s best advantage. And you can reduce the chances of failure, by understanding what you"re lacking, & eliminating hazards that would otherwise catch you unawares.

Better still, you can start khổng lồ craft a strategy that distinguishes you from your competitors, and so compete successfully in your market.


Cliông xã here to view a transcript of this video.


How to lớn Do a SWOT Analysis

First, draw up a SWOT Analysis matrix, or use our không tính tiền downloadabletemplate. This is a 2x2 grid, with one square for each of the four aspects of SWOT. Figure 1 shows what it should look like (clichồng on the image to see a larger version).

Figure 1. A SWOT Analysis Matrix.
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You can approach a SWOT Analysis in two ways: to get people together to "kiông chồng off" strategy formulation informally, or as a more sophisticated & formal tool.

In either case, gather a team from a range of functions and levels in your organization. Use Brainstorming techniques to build a danh mục of ideas about where your organization currently stands. Every time you identify a Strength, Weakness, Opportunity, or Threat, write it down in the relevant part of the grid.

To clarify which section an idea belongs to, it may be useful khổng lồ think of Strengths và Weaknesses as internal factors – that is, lớn do with the organization, its assets, processes, and people. Think of Opportunities and Threats as external factors, arising from your market, your competition, và the wider economy.

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Let"s look at each area in more detail và consider what questions you could ask as part of your analysis.

Strengths

Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a svào mix of manufacturing processes.

Your strengths are an integral part of your organization, so think about what makes it "tiông xã." What do you vì better than anyone else? What values drive sầu your business? What quality or lowest-cost resources can you draw upon that others can"t? Identify và analyze your organization"s Unique Selling Proposition (USP), và add this to the Strengths section.

Then turn your perspective sầu around & ask yourself what your competitors might see as your strengths. What factors mean that you get the sale ahead of them?

Rethành viên, any aspect of your organization is only a strength if it brings you a clear advantage. For example, if all of your competitors provide high-chất lượng products, then a high-quality production process is not a strength in your market: it"s a necessity.

Weaknesses

Now it"s time khổng lồ consider your organization"s weaknesses. Be honest! A SWOT Analysis will only be valuable if you gather all the information you need. So, it"s best to lớn be realistic now, & face any unpleasant truths as soon as possible.

Weaknesses, lượt thích strengths, are inherent features of your organization, so focus on your people, resources, systems, và procedures. Think about what you could improve sầu, & the sorts of practices you should avoid.

Once again, imagine (or find out) how other people in your market see you. Do they notice weaknesses that you tend to lớn be blind to? Take time khổng lồ examine how & why your competitors are doing better than you. What are you lacking?

Opportunities

Opportunities are openings or chances for something positive sầu to lớn happen, but you"ll need lớn claim them for yourself!

They usually arise from situations outside your organization, và require an eye khổng lồ what might happen in the future. They might arise as developments in the market you serve, or in the technology you use. Being able to lớn spot và exploit opportunities can make a huge difference to lớn your organization"s ability khổng lồ compete and take the lead in your market.

Think about good opportunities you can spot immediately. These don"t need khổng lồ be game-changers: even small advantages can increase your organization"s competitiveness. What interesting market trends are you aware of, large or small, which could have an impact?

You should also watch out for changes in government policy related lớn your field. And changes in social patterns, population profiles, và lifestyles can all throw up interesting opportunities.

Threats

Threats include anything that can negatively affect your business from the outside, such as supply chain problems, shifts in market requirements, or a shortage of recruits. It"s vital lớn anticipate threats và to take action against them before you become a victyên of them and your growth stalls.

Think about the obstacles you face in getting your product khổng lồ market and selling. You may notice that quality standards or specifications for your products are changing, & that you"ll need lớn change those products if you"re to stay in the lead. Evolving technology is an ever-present threat, as well as an opportunity!

Always consider what your competitors are doing, & whether you should be changing your organization"s emphasis lớn meet the challenge. But rethành viên that what they"re doing might not be the right thing for you to vày, & avoid copying them without knowing how it will improve your position.

Be sure to lớn explore whether your organization is especially exposed lớn external challenges. Do you have bad debt or cash-flow problems, for example, that could make you vulnerable khổng lồ even small changes in your market? This is the kind of threat that can seriously damage your business, so be alert.

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Tip:

Using PEST Analysis can ensure that you don"t overlook threatening external factors, & PMESII-PT is especially helpful in very unfamiliar or uncertain environments.