The SWOT analysis is an extremely useful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats.
SWOT analysis can be done in either an individual or group setting. Conducting this analysis as a group activity using Brainstorming has an advantage because of the volume of ideas that can be generated in a short amount of time.
Procedure
Answer the following questions, add questions as necessary. These questions are examples only and should provide a starting point. Feel free to add more questions or refocus them to be sure that they adequately describe the situation that is being analyzed.
Write the answers into the relevant sections of the SWOT Grid. See the sample grid below.
Strengths (Internal)
- What are your advantages?
- What do you do well?
Opportunities (External)
- What are the good opportunities?
- What are you good at?
- What are interesting trends?
- Markets without competition?
Weaknesses (Internal)
- What could be improved?
- What is done poorly?
- What should be avoided?
Threats (External)
- What are the obstacles?
- What is the competition doing?
- What is your financial condition?
