This tool is great for a number of circumstances:
- When thinking about going into business. This tool is a classic and fundamental for thinking about how you’re going to position your business; or
- When your business is growing and need a refresher to help you make the next big decisions.
A SWOT analysis helps you think of your Strengths, Weaknesses, Opportunities and Threats. By completing one, you can take this information and magnify your Strengths and Opportunities, while thinking of ways to minimise or combat your Weaknesses and Threats.
We don’t just recommend the SWOT Analysis as a one off, we believe an annual review is essential to make sure it’s current.
How long does it take to do?
1 hr +
How do I use it?
This tool is designed to get you thinking about the internal and external forces that will either help or hinder you in reaching your business goals. To complete this tool, go through each section brainstorming the area that you are focusing on. Strengths should cover the internal helpful areas whereas Weaknesses should focus on internal hindrances. For external factors, focus on the positive Opportunities and negative external Threats.
Once you’ve completed all four quadrants of the SWOT grid, evaluate the following:
- Strengths–Opportunities: Use your internal strengths to take advantage of opportunities.
- Strengths-Threats: Use your strengths to minimise threats.
- Weaknesses-Opportunities: Improve weaknesses by taking advantage of opportunities.
- Weaknesses-Threats: Work to eliminate weaknesses to avoid threats.
This tool can be used to analyse a specific project, strategy or your business as a whole. Click here to download your SWOT Analysis template.