SWOT guide*
A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) helps a
business owner take an overview of what is or could happen in your business or
industry.
How to use the SWOT template
There are four steps to eectively conducting a SWOT analysis:
1. Brainstorm everything that could impact on
your business
Whether you’re looking at your business as a whole, assessing a
new idea or analyzing a competitor, dene it as clearly as you can.
The better dened the issue, the better able you’ll be in identifying
relevant factors.
Strengths – what you are great at, or why customers buy from you
and not the competition. These are factors that you need to protect
and defend.
Weaknesses – things that you know that could be improved and
could cause issues if they are not addressed.
Opportunities – new ideas, markets or opportunities that you can
explore to become a future strength.
Threats – external events, changes in your market, action by
competitors, technology or changing customer preferences that
expose your business.
2. Work the grid
Copy all the issues you’ve identied using each of the four criteria.
This is not always a linear process and you should feel free to jump
around the grid as ideas come to you. For example, as you’re listing
strengths, you may realize that a serious issue exists that threatens
that particular strength, becoming a threat.
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3. Analyze the results
Think about each of these factors and how you might take
advantage of those that are helpful and x, mitigate, or eliminate
those that are harmful. Rank them in order of importance and
prioritize which you feel are easier to x sooner than later, and those
that are critical to get right now.
4. Take action
Decide which of the ideas you’ve identied you want to action,
divided into short, medium and long-term plans, add a budget if it’s
required and start implementing.
