You can better understand your businesses strengths, weaknesses, opportunities and threats by using a SWOT analysis. Identify what your business is doing well and how you can improve with our SWOT analysis template.
A SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities and threats of your business.
Developing a SWOT analysis can help you look at your business in a new way and from different directions. It can also help you to:
You can start the process by gathering a group of employees or advisors who have different perspectives on your business. If you don’t have employees, you can ask family members, business advisors or mentors. The key is to have different points of view.
Using the prompting questions below as a guide, you can conduct a brainstorming session to discuss ideas about each SWOT category. After brainstorming, create a final prioritised list of points in our SWOT analysis template. List the factors in each category from highest to lowest priority.
Strengths are internal, positive parts of your business. These are things that are within your control. Ask yourself:
Weaknesses are internal, negative factors. These are things that you might need to improve on to be competitive. Ask yourself:
Opportunities are external, positive factors that may give a competitive advantage and contribute to success. Ask yourself:
Once you have completed your SWOT analysis, it can be used to develop strategies for achieving your business goals. You can create a plan to continue building on your strengths while improving on your weaknesses. When using your SWOT analysis to create a strategy, ask yourself:
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