Swot Analysis Definition:
Strengths, Weaknesses, Opportunities, Threats.
Ideally you want to gather executives from all the departments of your business. Utilizing all these different perspectives is crucial in order to identify each and every element that can be taken into consideration.
- Step 1: Start brainstorming and take notes of all the proposed ideas.
- Step 2: Start ranking all the ideas from best to worst by voting for each one.
- Step3: Make sure you devote equal time between all 4 components of the SWOT Analysis: Strengths, Weaknesses, Opportunities, Threats.
What is a SWOT analysis: Describe the 4 areas
Strengths
- Strengths are interior, positive properties of your organization. These are things that are inside your control.
- Which of your business procedures are effective?
- What resources do you have in your business that will help in driving sales. For example, information, training, systems, intellectual property etc.
- Any physical resources like, clients, hardware, innovation, money, and licenses, buildings in prime locations.
- Any significant advantages that completely separate you from competitors.
Weaknesses
- Things that are holding back and don’t let you grow.
- Which business procedures lead to the biggest sales loses?
- Anything that your business needs desperately but due to misallocation of resources doesn’t currently have.
Opportunities
- The things that if done right now will lead to the growth of your business.
- Any forthcoming occasions that your organization might almost certainly exploit to develop the business?
- Are there forthcoming changes to guidelines that may affect your organization decidedly?
- A change of supplier that could lead in a dramatic decrease of costs?
Threats
- Threats are outside factors that you have no power over. You might need to consider setting up emergency procedures of action in the event that they happen.
- This could be potential contenders who may enter your market?
- The possibility of suppliers being unable to deliver consistently or increasing their prices.
- A possible downturn in the economy that could significantly lower your sales volume.
