SWOT stands for strengths and weaknesses, opportunities, threats. The first two are internal factors we all have and the second two are external factors we all experience. While we do have at least some control over our internal factors we do not have any control over the external factors. When it comes to an analysis of SWOT, we use this tool to determine strategic business positions and the environment present in those positions. SWOT analysis is used to evaluate limitations to ones limitations and potentials. It helps businesses determine the negative and positive factors in the business environment.
Conducting a SWOT is an important task because it allows a business to formulate strategic plans for the company’s success. It acts as an information source from which a business can gather data that will help them plan the most effective strategies for optimal success. SWOT analysis works to further strengthen certain business and to turn their weaknesses into strengths. It also helps us identify the objectives that must go into planning a business strategy and allows us to determine the most important areas of competency. It is used to gather information during the process of SWOT analysis to assist in future plans.
To find out more about SWOT analysis, the Management Study Guide is a great source of information. It gives a general overview of the process and discusses reasons why the process is used. Mind Tools is another great reference to learn more about this subject from. Many businesses are seeing the advantage of using SWOT analysis to plan effective strategies. Businesses that have implanted this analysis method are another source of information where you can obtain specific details about the process, what it accomplishes and what it does not accomplish. Many reliable sources can educate you on SWOT analysis.
The best way to continue is to use the Priority Matrix SWOT analysis template that we’ve created for you. Tap on it to download it and import into your Priority Matrix app. (If you don’t already have Priority Matrix, it’s worth considering as an app to help you keep track of multiple projects). You can learn more about SWOT uses cases and templates here.