SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
SWOT Analysis is a useful technique for understanding your Strengths and Weaknesses, and for identifying both the Opportunities open to you and the Threats you face.
Used in a business context, a SWOT Analysis helps you carve a sustainable niche in your market.
Business SWOT Analysis
What makes SWOT particularly powerful is that, with a little thought, it can help you uncover opportunities that you are well placed to exploit. And by understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.
More than this, by looking at yourself and your competitors using the SWOT framework, you can start to craft a strategy that helps you distinguish yourself from your competitors, so that you can compete successfully in your market.
How to Use SWOT Analysis
You can use it in two ways - as a simple icebreaker helping people get together to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool.
: Strengths and weaknesses are often internal to your association, while opportunities and threats generally relate to external factors
To help you to carry out a SWOT Analysis, utilise the resource listed below. This makes SWOT easy to do.
|Resource or link
|SWOT: the important questions + template
|We have made it easy for you. This document outlines the important questions you need to ask when conducting a SWOT analysis but also provides you a template you can directly input answers into…..