SWOT Analysis
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A successful technique for identifying your Strengths and Weaknesses and study any Opportunities and Threats you face.
The SWOT Analysis requires you to write down answers to the following questions:
- Strengths, what do you do well? What are your advantages?.. Consider this from your point of view and that of others. Be realistic but not modest, add to this a list of your characteristics, hopefully some of these will be strengths.
- Weaknesses, What is done badly? What could be improved? What should be avoided? Consider this question from and internal and external perspective – is it possible others see weaknesses you do not? Are your competitors doing better? Be realistic, looking any unpleasant truths face on.
- Opportunities, What are the interesting trends? Where are the opportunities available to you?
- Useful opportunities can arise from
- New technology, changes in the market place
- Alterations in government policies related to your field
- Changes in social patterns, population profiles, lifestyle changes etc.
- Local event
- Useful opportunities can arise from
- Threats, what obstacles to you face? How are your competitors fairing? Could changes in technology threaten your position? Do you have bad debt or cash-flow problems
Strengths and Weaknessess are internal factors Opportunities and Threats are external factors - often identified through PEST or PESTLE analysis
SWOT techniques can be used on:
- Individuals - for development or career decisions
- Teams - for development and performance management
- Organizations for business planning, strategic decision making
External Links
[1] Business Balls - SWOT [2] RapidBI - SWOT Templates [3] Wikipedia - SWOT
[4] RapidBI - PESTLE Analysis template [5] Wikipedia - PEST analysis