SWOT analysis is a strategic planning method to evaluate Strengths, Weaknesses, Opportunities and Threats in a business. Strength and Opportunities are beneficial aspects, while Weakness and Threats are adverse aspects for a business.
There are some factors that affect strengths and weaknesses which usually come from the internal company itself. For example, business reputation, patents, factory locations, and so on. While opportunities and threats are influenced by external factors, such as suppliers, competitors, market prices, market conditions, and so on. These external factors will be difficult for you to control. It might happen because they continue to change from time to time.
You can use it for your businesses in order to assess market conditions or companies, and respond tgem. You should do this analysis at least once a year.
According to thebalancesmb.com, when conducted thoroughly, a SWOT analysis can uncover a wealth of information and can be useful in a number of situations.
How to do SWOT analysis?
You should do SWOT with several groups of people with different perspectives in your company. For example, management, marketing, customer service, or even from the consumer itself in order to obtain comprehensive and objective results. This process can also be an opportunity for you to unite your team and encourage their participation and compliance with the strategies implemented by your company.
You can do SWOT analysis using a four-square SWOT analysis template. However, you can also use your own methods to make it easier to understand and implement the analysis.
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