WHAT IS SWOT ANALYSIS?
The state of the company depends on how well it is able to respond to various external influences. It is necessary to identify the most significant factors for a particular period of time, when analyzing the outside situation.
The interrelated consideration of these factors with the capabilities of the company allows solving the arising problems. When solving different levels of tasks, it is also necessary to clearly state whether critical factors can be controlled by the company.
One of the most common methods that assess the complex internal and external factors affecting the company’s development can be called a SWOT analysis.
HOW TO GET THE MOST OUT OF SWOT ANALYSIS?
- Step #1.
Strengths and weaknesses can be considered as such only if so perceived by buyers. It is necessary to include in the analysis only the most relevant advantages and weaknesses. Remember that they must be determined in the light of the proposals of competitors.
- Step #2.
You must understand the differences between SWOT elements: strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal features of the company, therefore, they are controlled. Opportunities and threats are related to the characteristics of the market environment and are not subject to the influence of the organization.
- Step #3.
It is necessary to carefully define the scope of every SWOT analysis. Companies often conduct a common analysis covering their entire business. Most likely, it will be too generalized and useless for managers who are interested in opportunities in specific markets or segments.
- Step #4.
Avoid broad and ambiguous statements. Too often, SWOT analysis is weakened precisely because it includes such statements, which, most likely, do not mean anything to most buyers. The more precise the formulation, the more useful the analysis will be.
- Step #5.
It is important to understand that SWOT analysis is not just a transfer of managerial suspicions. It should be based as much as possible on objective facts and research data.
WHAT IS SWOT ANALYSIS USED FOR?
SWOT-analysis is used for:
- Analysis of competitive environment factors. Currently, within the framework of strategic planning technologies SWOT analysis is considered as a separate stage of evaluation and structuring of information collected in accordance with classical PEST models, Porter models, etc.
- Planning strategies. To plan the implementation of strategies developed on the basis of SWOT models prof. Weihrich, use a matrix of balanced scorecard. This tool allows you to identify the most important areas of strategic development and the most important policy implementers.
- Competitive intelligence. According to a survey, SWOT analysis is widely used in concurrent exploration.
SWOT ANALYSIS TEMPLATES
For making the SWOT analysis in the appropriate format and structure, we would advice you using the templates. They will at the same time save you a lot of time and effort and you will not have to draw all of those schemes.
You can find lot of SWOT analysis template online, and here are just some of them:
- Smarthsheet – smartsheet.com
- Creately – creately.com
- Business Balls – businessballs.com
- Net – www.template.net
- Template Lab – templatelab.com
- What Makes a Good Leader – whatmakesagoodleader.com
- Business News Daily – businessnewsdaily.com
Get your SWOT Analysis template and start personalizing it now!