A SWOT analysis is an organized list of your business’s greatest strengths, weaknesses, opportunities, and threats. Often times entrepreneurs fail to do SWOT analysis of their business due to the comprehensiveness of the process. This sample is all you need to start out small. With a brief description of each important topic, you can find an easy way to make it relevant for your business, no matter how small it is.
Why use SWOT Analysis?
A SWOT analysis helps to measure risks and rewards while also identifying the key factors related to accomplishing the stated objective. If done effectively, a SWOT analysis should lead to a strategy for dealing with negative factors; while maximizing strengths and opportunities. The more precise your SWOT analysis, the easier it will be to create an action plan for accomplishing your objective.
Introduce The Objective of the Analysis
A SWOT analysis is typically conducted using a four-square SWOT analysis template, but you could also just make lists for each category. Use the method that makes it easiest for you to organize and understand the results.
Strengths and weaknesses are things that you can change in your business (think location, employees, and marketing). While opportunities and threats are things outside of your business that you can’t change (think competitors or changes in customer buying habits).
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Describe the objective which the SWOT is going to be taken for. The analysis must include strengths, weaknesses, threat, and opportunities. Also it should include issue and the action plan, name of presenter, business name and other important specifics.
You can use this for anything starting from the assessment of personal aspects to finances. Especially, to the start-up you have opened. You may also create a SWOT Analysis for the specific issues in the business; Even a competitor analysis for your business if such an occasion arises.
Find Your Strength
This is the first part of SWOT, where ‘S’ stands for Strength. You must include all the strengths that the object has, which SWOT is carried for. It would be better to represent the strengths in a ‘bullet form’ to make it stylish and compact.
Identify Your Weaknesses
The second part of the SWOT deals with the weakness of the object and represented by ‘W’. This may include the lack of functioning with respect to the activities the object deals with. When identifying weaknesses, consider what areas of your business are the least profitable, where you lack certain resources, or what costs you the most time and money. Take input from employees in different departments, as they’ll likely see weaknesses you hadn’t considered.
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Look for Opportunities
‘O’ in the SWOT is the representation of all the opportunities that the objective face. This may include the coming possibilities that can play a good role in the improvement of the objective. Opportunities gives a notion towards the future prospect.
Contemplate Internal and External Threats
This is the last step of the SWOT analysis where you need to mention all the existing or coming perils related to the functioning of the objective. This includes the possibilities or chances of failure or setbacks. A compact idea on the threats may help you to formulate the ways to eradicate or at least resist such hazards.
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Using this SWOT Analysis can be a great guideline for you to assess key-points. You can analyze the in-depths of the current position of your competitors and build strategies to overcome your weaknesses and threats using your strength and opportunities.
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