SWOT Analysis is a methodology used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves identifying the internal and external factors that are favorable and unfavorable to achieving success.
Successful businesses and individuals build on their strengths, correct their weaknesses and protect against internal vulnerabilities and external threats. They can monitor overall business environment and quickly identify and exploit new opportunities faster than competitors.
SWOT analysis can be used for all sorts of decision-making, and the SWOT template enables proactive thinking, rather than relying on habitual or instinctive reactions.
SWOT analysis can be used for all sorts of decision-making, and the SWOT template enables proactive thinking, rather than relying on habitual or instinctive reactions.
SW
Strengths & Weakness are influenced by internal factors – the strengths and weaknesses of the organization or individual. These are competences and resources that the organization or individual possesses and that are under their control.
OT
Opportunities & Threats are influenced by external factors that an organization or individual faces from trends and changes in their environment. These external factors are not under the control or influence of the organization or individual.
How do I go about it?
(1) Start with an objective
(2) Now/Present: identify your strengths and weakness,
(2) Now/Present: identify your strengths and weakness,
Strengths
i. What are your advantages?
ii. What do you do well?
ii. What do you do well?
Weaknesses
i. What could you improve?
ii. What do you do badly?
iii. What should you avoid?(3) Future/What might be?: identify potential opportunities and threats
ii. What do you do badly?
iii. What should you avoid?(3) Future/What might be?: identify potential opportunities and threats
Opportunities
i. Where are the good opportunities in front of you?
ii. What are the interesting trends you are aware of?
ii. What are the interesting trends you are aware of?
Threats
i. What obstacles do you face?
ii. What is your competition doing?
iii. Is changing technology threatening your position?
iv. Could any of your weaknesses seriously threaten your potential?
ii. What is your competition doing?
iii. Is changing technology threatening your position?
iv. Could any of your weaknesses seriously threaten your potential?
Develop a plan of action to
- maximize strengths to turn them into opportunities,
- maintain and leverage strengths
- convert weakness into strengths, create a remedial action plan to improve
- counter or minimize threats, if not threats will turn into weakness
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