SWOT Analysis is an excellent technique to understand one’s strengths and weaknesses, and also to find out the open opportunities and the possible threats. It helps businesses to excel in the market and individuals to develop their career. Let us narrow down onto the Business SWOT Analysis in this article.
How to use business SWOT tool?
‘how to write a swot analysis?’ is a very common concern. This tool can be used in two ways:
As a simple initiator to kick start the process of strategy formulation or as a serious strategy tool. Downloadable and printable worksheets are available online to help you carry out analysis using this tool. The following are the main sections that you would have to write down answers for!
Strengths of your organization
What advantages does your organization possess when compared to others?
In which area are you better than anyone else?
What are your strengths according to market reviews?
What low cost and unique resources can you manage to use that others can’t?
What is the Unique Selling Proposition (USP) of your organization?
What are your successful sale factors?
Weaknesses of your organization
What are the areas of improvement?
What should be avoided?
What are your weaknesses as per market reviews?
What factors cut down your sales?
What are the exciting trends that you know about?
What are the upcoming opportunities that you have spotted?
What are the hardships your organization is facing?
What is the approach of your competitors in the case of similar obstacles?
Are there debts or cash flow issues?
Will the changes in technology pose a threat to you?
Are there any major changes such as quality standards’ changes or products and services change coming up?
Be honest while answering and consider the perspective of an external customer also while answering to make the best use of SWOT analysis. All the best!