SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a simple study used to determine the internal (strengths and weaknesses) and the external (opportunities and threats) influences of an organization. Conducting a SWOT analysis can help a business develop an effective and efficient strategy that can benefit the whole company.
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SWOT Analysis Overview
In a business setting where SWOT analysis is commonly used, it can aid in identifying the strategies that should be used to create an effective business model that would be utilized in the company’s existing resources. What do we investigate when we are conducting a SWOT analysis?
This is an internal element that determines the positive qualities of the organization that helped make it successful.
A weakness is another internal factor that determines which qualities limit the organization’s capability of attaining its goals.
These are factors that exist around an organization’s environment. Taking advantage of opportunities may help in achieving a company’s goals.
These are external factors that may put a company at risk when it comes to reaching its goals.
Benefits of SWOT Analysis
- SWOT analysis can be used in various situations. It can be used by businesses (see Business Swot Analysis Samples) and its various departments such as the administration, marketing department, and financial department (see Financial Analysis Samples).
- It can be discussed by people within the organization so there’s no need to hire an external consultant.
- It can give a better understanding where the company currently stands compared to its competitors.
- Companies can match each of the SWOT to create strategies that can help the company achieve its goals. This is also known as a SWOT matrix.
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Example of SWOT Analysis
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Effective SWOT Analysis
Tips in Making an Effective SWOT Analysis
- Use a SWOT analysis to determine where you are now and where you want to be in the future.
- List down the strengths and weaknesses first, followed by the threats and opportunities. If you can list them down by priority, it would be much better.
- Take time to determine the SWOT. You need to be careful in determining which is which.
- Keep your SWOT short but make sure to include all the important details.
- Always remember the company’s goals and create strategies based on your SWOT to reach them.
- Do a SWOT analysis with other people such as the staff. Doing it with others gives various inputs and different points of view.
- Be realistic when it comes to comparing your business with your competitors.
Basically, doing a SWOT analysis means that you want to maintain and improve the strengths that you have, you want to defeat the weaknesses, take advantage of the opportunities, and not be intimidated by the threats. It’s about setting the organization’s priorities and taking the effective action to help improve the company’s current state.
Want more information about your competitors? You can check out Competitive Market Analysis Samples.
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