How to Create and
Use a SWOT Analysis
A SWOT analysis is a simple, yet effective tool to help make strategic plans for your business.
Conduct a Strategic SWOT Analysis in Plexie
A quality SWOT analysis involves the thoughts and contributions of your whole team, pulling together individual or departmental perspectives and distilled into an agreed upon strategy for your business.
A SWOT analysis helps take considerations from both an internal and external perspective.
What is a SWOT Analysis?
A SWOT analysis is a simple way to make strategic plans. SWOT analysis, or SWOT matrix, is designed to “set the stage” – it stands for Strengths, Weaknesses, Opportunities, and Threats.
Strengths and Weaknesses are internal to your business and can be managed by it, whereas Opportunities and Threats are external and can only be anticipated.
Strengths: Internal features or skills considered as the competitive advantage.
Some examples of strengths might be that your business offers excellent customer service, market share, reliability, and loyal clientele.
Weaknesses: Internal areas identified where the business may have limitations or underperforms.
Some examples of weaknesses might be poor location, unhappy employees, supply chain shortages, or changes in the industry or market.
Opportunities: External industry or market-related factors that give your business a competitive advantage.
Some examples of opportunities include an emerging interest for the solutions your business provide, promotions or press coverage, expanded services or an improving economy.
Threats: External factors that can harm business, and may originate from weaknesses.
Some examples of threats might be that the market has become saturated, negative press coverage, legislative effects, or market demand.
Who can benefit from a SWOT Analysis?
A SWOT analysis is a simple, yet effective tool to help make strategic plans for every business, industry and organization. A SWOT analysis might be beneficial for:
- Operations Management: Completing a SWOT analysis helps businesses assess the company direction and goals, and can be applied to a wide range of situations and initiatives.
- Software Development: Successful development relies on efficient teams being able to identify internal and external factors influencing progress – a SWOT analysis offers a thorough assessment.
- Marketing: Evaluate the whole picture and create a solid marketing goal by outlining marketing trends, pricing, competition, and other key factors with a SWOT analysis.
- Sales: Generate more revenue, refine sales strategies, and steer teams in the right direction with a SWOT analysis assessment.