What Is a SWOT Analysis?
SWOT analysis is a common tool used by businesses and other entities to assess their capabilities in a given market or situation. SWOT analysis evaluates the positives and negatives of a business, its external environment, and its goals. It is composed of 4 main pillars:
Strengths: Characteristics of a business that give it advantages over its competitors
Weaknesses: Characteristics of a business that put it at a disadvantage relative to its competitors
Opportunities: Elements in a company’s external environment that allow it to formulate and implement strategies to improve performance
Threats: Elements in the external environment that could endanger the business, its profitability, or its competitive advantage(s)
1. Identify the Objective
Start the SWOT analysis by identifying the goal or initiative to which the analysis will be applied.
🎯 Objective: Write here
2. Gather Information
Collect relevant information from both internal and external sources on the opportunities, threats, strengths and weaknesses present in your company or project.
📝 My Notes
Collect data here
3. Categorize Information
Once the information has been gathered, it should be sorted into the four categories of a SWOT analysis – strengths, weaknesses, opportunities, threats.
4. Analyze Information
Brainstorm ways in which the strengths and weaknesses can be addressed in the light of the opportunities and threats presented by the environment.
Brainstorm ways here
5. Create Action Plan
Develop an action plan that outlines how the identified strengths and weaknesses can be used to capitalize on the opportunities and address any potential threats.
✅ My Action Plan
Action step #1
Action step #2
Action step #3
6. Follow Up
After implementing the action plan, measure the results to ensure it is meeting the goals of the SWOT analysis. Follow up at regular intervals to validate if any changes need to be made.