A SWOT Analysis is a widely accepted tool used for strategic planning. Being a simple 2x2 grid, a SWOT Analysis is clear to understand and very easy to complete.
SWOT stands for Strengths Weakness Opportunities Threats.
A SWOT analysis (SWOT stands for Strengths, Weaknesses, Opportunities and Threats) is a way to conduct an internal analysis of your company. This type of analysis can help you determine what strengths your business has, where it needs improvement, and how it can best take advantage of opportunities.
Format: MS Excel
How to Conduct a SWOT Analysis-
- Define the objective: decide on a key project, review or existing strategy, or planning to launch a new service?
- Complete each section: Simply add bullet points to each of the 4 areas or make it a large collaborative and creative effort and use post-it notes to complete the sections.
- Refine the sections: Try to be as specific as possible, using qualitative and quantitative information. Are you covering all points?
- Draw conclusions: Review the finished SWOT Analysis and check how balances each section is. If the positives outweigh the negatives, you have a winning idea!
- Identify and action your strategies: Match your strengths with opportunities to make them happen and convert your weaknesses into strengths in order to reduce the impact of potentially harmful factors.