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S.W.O.T. stands for Strength, Weakness, Opportunities, and Threats. This is the most important technique used in business analysis
SWOT Analysis i.e. S-strengths, W-weaknesses, O-opportunities, and T- threats is a method for identifying and analyzing internal strengths and weakness and external opportunities and threats that can give and help develop strategic goals for current and future aspirations. SWOT analysis is not only applicable to companies but also to Individuals. SWOT analysis can be implemented to achieve in constructive and personal improvement goals.
Identifying and analyzing internal strengths and weaknesses and external opportunities and threats that can mould our ongoing and future identification and help us to manage and achieve our strategic goals. SWOT analysis is an aimed framework to identify and analyse the organisations Strengths, Weaknesses, Opportunities and Threats. The SWOT words describe the same. The elementary goal of SWOT analysis is to improve awareness of the various factors that help to establish a business decision or a business strategy. We can understand this in a better way in the following tabular chart:
SWOT ANALYSIS
Helpful to achieve Objectives Harmful to achieve Objectives
| [Internal attributes of the Organisation]
STRENGTHS · Strength 1 · Strength 2 · Strength 3
|
[Internal attributes of the Organisation]
WEAKNESS · Weakness 1 · Weakness 2 · Weakness 3
|
| [External attributes of the Environment]
OPPORTUNITIES · Opportunity 1 · Opportunity 2 · Opportunity 3
|
[Internal attributes of the Organisation]
THREATS · Threat 1 · Threat 2 · Threat 3 |
Summary
To review document created or obtained
To setup framework for the analysis.
To identify strengths, weaknesses, opportunities and threats.
Write the final report.
Conducting a SWOT analysis
- Objectives of your SWOT analysis
- Business report in current industry and market
- Business’s strengths
- Business’s weaknesses
- Potential opportunities that can be visualised for your business
- Potential threats to your business
- Priorities from the SWOT
As SWOT Analysis helps you to identify your organization’s Strengths, Weaknesses, Opportunities, and Threats. It guides you to build on what is well done, where you are lacking, curb new openings, and reduce risks. We should mandatorily imply SWOT Analysis to assess our organization’s position before we decide on any new strategy.
Threats in a SWOT analysis are external and internal factors that may produce a negative impact on the organisation. Organisation has less control over such factors, but they can create systems for managing them.
How to Identify Your Strengths and Weaknesses
- Know your strengths and weaknesses
- Speak to people you trust
- Try a own personality test
- Implement new things
- Give thoughts on your core strengths?
- Core strengths Personal and Workwise. The personal area is core. It reflects optimistic, generous, energetic, empathetic, or honesty. They comprise the background of every activity you involve.
- Personal Strengths
| Accurate | Action-oriented | Adventurous |
| Authentic | Caring | Clever |
| Confident | Curious | Communicative |
| Creative | Considerate | Decisive |
There are many types of Opportunities to identify, depending on what you need to do, such as:
- Help on projects.
- Propose of working groups.
- New ideas or products.
- Team creation to work on an idea you have.
- Expertise or best practices in a particular field.
There are many types of Threats to identify, depending on what you need to do, such as:
- Social perception. Customers are increasingly aware of the business practices of the companies they support
- Sudden Natural disasters
- Technological Developments
- Legislation changes
- Competition in peer industry
- Globalization – worldwide
- Data security for customers
- Rising costs -Inflation
- Rivalries Internal and External
A SWOT analysis focuses on the four points, allowing companies to identify the forces influencing a strategy, action or initiative. This is applicable for an Organisation as well as Individuals for their decision making too.
