Conducting a SWOT analysis is a great way to think about your business in a whole new way. S.W.O.T is the acronym for Strengths, Weaknesses, Opportunities and Threats. By taking into consideration the strengths and weaknesses of your business, as well as the threats and opportunities that your company faces in the market is a great way to come up with a strong business strategy.
What is a SWOT analysis?
A SWOT analysis is an ideal framework by which you can quickly identify and analyze the external and internal factors that can have an impact on the future viability of a place, product, person or project.
What does SWOT measure?
Your company’s strengths and weaknesses are internal (For example: patents, location or reputation). You have the power to change these over a period of time, by carrying out some work. On the other hand, opportunities and threats are external (For example: prices, competitors or suppliers). These are out there in the marketplace, happening whether your company likes it or not. You do not have the power to change them.
What are the four elements that a SWOT analysis examines?
- Strengths: Resources and internal attributes that support a successful outcome for your business
- Weaknesses: Resources and internal attributes that work against a successful business outcome
- Opportunities: External factors that your project or company can use to its advantage
- Threats: External factors that could jeopardize your company or project
Why should existing/new businesses use SWOT?
Existing businesses should use SWOT analysis to evaluate a changing environment and respond appropriately. In fact, experts say that a growing business should definitely conduct a SWOT analysis at least once in a year.
If you are new business, you should also conduct SWOT analysis as a part of your planning process. Thinking about a new business in terms of a SWOT analysis, will put your company on the right track and save you from future headaches.
Make informed decisions with a SWOT analysis
Once a SWOT analysis is conducted and factors are identified, the decision makers in your company should be able to decide if a particular project or goal is worth going after and what is needed to make the project/goal a success. Since a SWOT analysis is usually expressed in a two-by-two matrix, you can easily match your resources to the competitive environment in which you operate.
Over the last 14 years, Flatworld Solutions has been providing expert SWOT analysis services to companies across industries. Our experienced research experts can help your business find out your strengths and weaknesses and act on them. Our stringent quality assurance process, use of the latest research technology and commitment to accuracy, ensure that you only get a top-notch SWOT analysis report. Get to know more about how we can help you.
Has your business conducted a SWOT analysis before? If yes, how did it go? Were the findings useful while taking important business decisions? Let us know by leaving a comment in the box below. We, at Flatworld Solutions love to hear from you!
Interested to know more?
- How to Identify, Find & Evaluate Your Target Market?
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