How to Conduct a SWOT Analysis

A SWOT analysis is a planning tool used to understand the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business.

How to Conduct a SWOT Analysis

As an employer, you must be aware of the strengths and weaknesses of your organisation. This is where the strategic planning tool called SWOT analysis comes in. Not only the strengths and weaknesses, but this tool also helps you identify opportunities and threats that may exist in your business. A thoroughly conducted SWOT analysis can uncover a wealth of information valuable in many situations, including setting your strategy. So, you must have a understanding of how to conduct a SWOT analysis to promote the growth of your business. SWOT includes the following factors:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

Importance of SWOT analysis

Strengths, weaknesses, opportunities and threats of a company, unit or group, or a product, service or program can be recognised using SWOT analysis. So, this will help you focus on specific areas and determine actions that can help build on strengths, minimise or eliminate weaknesses, maximise opportunities, and deal with or overcome threats. The SWOT analysis is used to devise a strategic plan and often conducted with a team. The information derived from this analysis can help you achieve your goals.

Steps to follow

  • Determine the objective of SWOT analysis
  • Research both internally and externally
  • Evaluate the company’s strengths
  • List the weakness
  • Explore potential opportunities
  • Identify the threats
  • Consolidate ideas and clarify them
  • Establish priorities
  • Develop a strategy

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