SWOT analysis (or SWOT matrix) is a strategic planning and strategic management technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It is sometimes called situational assessment or situational analysis.
Here are 3 steps to conduct a SWOT analysis:
Define your objective. What do you want to achieve with your SWOT analysis? For example, you may want to evaluate your current situation, explore new opportunities, or assess a potential project.
Gather information. You can use various sources to collect data for your SWOT analysis, such as market research, customer feedback, competitor analysis, or internal audits.You can also use tools like Bing to search the web for relevant information.
Create a SWOT matrix. A SWOT matrix is a table that organizes your information into four categories: strengths, weaknesses, opportunities, and threats. You can use the free SWOT templates from GreatPPT or create your own SWOT matrix.
Here is an example of a SWOT matrix:
| Strengths | Weaknesses |
|---|---|
| What are the positive aspects of your business or project? | What are the negative aspects of your business or project? |
| What are your competitive advantages? | What are your competitive disadvantages? |
| What are your unique resources or capabilities? | What are your limitations or gaps? |
| What do you do better than others? | What do you do worse than others? |
| Opportunities | Threats |
|---|---|
| What are the external factors that can benefit your business or project? | What are the external factors that can harm your business or project? |
| What are the trends or changes in your industry or market? | What are the risks or challenges in your industry or market? |
| What are the unmet needs or gaps in your target market? | What are the existing or potential competitors in your target market? |
| What are the new technologies or innovations that can help your business or project? | What are the legal, regulatory, or ethical issues that can affect your business or project? |
Analyze your SWOT matrix. You can use various methods to analyze your SWOT matrix, such as prioritizing, weighting, or rating each factor.You can also use tools like Asana to create a SWOT analysis template.The main purpose of the analysis is to identify the most important factors and how they relate to each other.
Take action on your SWOT analysis. Based on your analysis, you can develop action plans to leverage your strengths, address your weaknesses, seize your opportunities, and mitigate your threats.You can also use tools like HubSpot to act on your SWOT analysis. The main goal of the action is to align your strategies with your objective and monitor your progress.