In a previous blog we have discussed a few essential things about SWOT Analysis. Let’s move further with How to do SWOT Analysis and How to use SWOT Analysis.
How to Do a SWOT Analysis
Before starting anything first draw up an Analysis Matrix. You can use a ready-made template. It’s a 2*2 grid, which represents four aspects of SWOT.
Specify your Objective why you are going to do SWOT Analysis Create a grid and divide it into four-part Label each box with a name for instance – Strength, Weakness, Opportunity, threat Add strength and weaknesses inappropriate part of the Matrix Gather the right people from different parts of your organization and make sure each will represent a specific department or team. Allow all to throw the ideas at the wall. After receiving ideas from your people, Organize ideas and then rank them. A voting system would be helpful to choose the best ideas. Based on the voting, prioritized list of ideas. The list is now up for discussion and debate.
The Helpful questions which inspire your Analysis
Strengths
It’s the internal positive attributes of your company. The things are within your control. What do you do well? – the things which your company does well What unique resources can you draw on ?- Qualities that separate you from others in the market. What are the available skills? – Internal resources such as skills and available resources. What do others see as your strengths ?- Tangible assets such as intellectual property, capital proprietary technologies, etc.
Weaknesses
What could improve ?- Things your company lack Where do you have fewer resources than others?- Things your competitors do better than you What are others likely to see as weaknesses ?- Resources limitations
Opportunities
What opportunities are open to you ?- Uncleared market for specific products. What trends could you take advantage of ?- few competitors in your area. How can you turn strengths into opportunities ?- Emerging needs for your products and company
Threats
What threats could harm you ?- Emerging competitors in the market. What are your competitors doing ?- Changing regulatory environment. What threats do your weaknesses expose to you ?- changing Customers’ attitude towards your company Is your business in a poor location?
Conducting the SWOT Analysis in your organization it’s a powerful way to evaluate the company or project whether there are 5 people or 500 people.
