About this Strengths, Weaknesses, Opportunities, Threats (SWOT) Analysis
This strengths, weaknesses, opportunities, threats analysis provides a great SWOT framework and can be used to evaluate current and future operations and to help you develop strategic goals.
A SWOT analysis is a process for identifying and analyzing strengths and weaknesses and opportunities and threats. A SWOT will typically assess the following aspects:
Strengths
What is being done well?
What resources can we draw from?
What do we see as our strengths?
Things to consider include:
- Advantages of business strategy proposition.
- Capabilities of the planning process.
- Competitive advantages.
- Decision-making process.
- Customer services.
- Exclusive selling points.
- Resources, Assets, People.
- Human resources.
- Experience, knowledge, data.
- Financial reserves, likely returns.
- Marketing – reach, distribution, awareness.
- Innovative aspects.
- Location and geographical.
- Price, value, quality.
- Accreditations, qualifications, certifications.
- Processes, systems, IT, communications.
- Cultural, attitudinal, behavioral.
- Management cover, succession.
- Philosophy and values.
Weaknesses
What could we improve on?
Where do we have fewer resources than others?
What are others likely to see as a weakness?
Things to consider include:
- Disadvantages of a proposition.
- Gaps in capabilities.
- Lack of competitive strength.
- Reputation, presence and reach.
- Financials.
- Own known vulnerabilities.
- Timescales, deadlines and pressures.
- Cashflow, start-up cash-drain.
- Continuity, supply chain robustness.
- Effects on core activities, distraction.
- Reliability of data, plan predictability.
- Morale, commitment, leadership.
- Accreditations, etc.
- Processes and systems, etc.
- Management cover, succession.
Opportunities
What opportunities are open?
What trends could we take advantage of?
How can we turn our strengths into opportunities?
Things to consider include:
- Market developments.
- Competitors’ vulnerabilities.
- Industry or lifestyle trends.
- Technology development and innovation.
- Business planning.
- PEST analysis.
- Global influences.
- New markets, vertical, horizontal.
- Strategic planning for niche target markets.
- Geographical, export, import.
- Tactics: e.g. surprise, major contracts.
- Business and product development.
- Information and research for identified opportunities.
- Partnerships, agencies, distribution.
- Internal and external factors with small businesses.
- Volumes, production, economies.
- Seasonal, weather, fashion influences.
Threats
What threats could harm the business?
What is our competition doing?
What threats do our weaknesses expose us to?
Things to consider include:
- Political effects.
- Legislative effects.
- Environmental effects.
- External environment.
- IT developments with new team members.
- Competitor intentions – various.
- Market demand.
- New technologies, services, ideas.
- Vital contracts and partners.
- Sustaining internal capabilities.
- Obstacles faced.
- Insurmountable weaknesses.
- Loss of key staff.
- Sustainable financial backing.
- Economy – home, abroad.
- Seasonality, weather effects.
Creating a SWOT analysis is a great way to assess a planned strategy to define strengths and weaknesses and brainstorm ideas. Often a SWOT analysis will reflect factors a work group were previously unaware of and would never have captured, if not for conducting the SWOT analysis. A SWOT can be used to help you make better decisions about your business.
Availability and Use of this Strengths Weaknesses Opportunities Threats Analysis
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