Running a business and finding the key focus areas can be a cumbersome and tiring process. It takes a lot of time when it isn’t well sorted. For this very reason, we have this AtoZ guide. It will take you through and make you aware of it completely.
What is ‘SWOT Analysis’
SWOT analysis is an analysis framework or technique which person or organizations use to identify the core factors of strengths, weakness, opportunities, and threats to evaluate their current positions, areas of improvements, potential opportunities, and probable threats.
A swot analysis measures the key areas or best practices which has been ushering profits and can be continued in the same way as they are, weaker practices internally which are not that apt and which either needs slight tweaking or complete replacement. It also shows the areas of opportunities which the organization or individual may look for and which might benefit a lot in long run and can mark good profits. It also analyses the possible threats either at the time of looking for new opportunities or experimenting new areas or maybe with the current process.
When you should do a SWOT analysis
A SWOT analysis is mostly used at the start of or as part of a strategic planning activity. The framework is considered a powerful support for decision-making because it enables an entity to uncover opportunities for success that were previously unarticulated or to highlight threats before they become overly burdensome. For example, this exercise can identify a market niche in which a business has a competitive advantage or help individuals plot career success by pinpointing a path that maximizes their strengths while alerting them to threats that can thwart achievement.
Why you should do the SWOT analysis
SWOT analysis is a great framework to provide a well planned and definitive way to create business strategies. It can be very effective in meetings wherein there’s a collective decision going on and there’s an ongoing session on idea brainstorming. Usually, SWOT analysis is done before creating a final as to have a wider look at all the prospects, taking cohesive points into consideration and taking team’s input into consideration.
SWOT analysis can be used for the overall business planning and restructuring but also can be used for some parts of it too for example for marketing. This can also be used in reverse to find out shortcomings and challenges in the businesses.
How to create SWOT analysis
Well, SWOT analysis is little tricky and it needs A-Z of your individual or organization’s details to deliver the crisp picture.
This can be done in the below-mentioned steps
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Aim
Having a clear picture of why we need SWOT analysis is a very important and basic need which one must be clear of.
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Grid creation
Creating a grid and segregating thing according to relevancy comes the next and this avoids the confusion.
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Labeling Each Box
Labeling each box helps to identify and jot down points quickly.
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Adding Strong and weaker areas
Now after labeling adding the stronger and weaker areas can be notes and accordingly, actions can also be defined.
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Conclusion
Once everything is done conclusion is drawn and particular direction is decided and then planning is made accordingly.
How to use SWOT analysis
Now once the SWOT analysis is done then comes the planning and strategies deciding part. You can go through the points you have jotted down and you can prepare your plan accordingly. For planning, you can review the company’s previous stats, study the pie-charts, graphs and other analytics and prepare your study and figure out strengths, weaknesses, opportunities, and threats and make a plan accordingly
Advantages of using SWOT Analysis templates
Well, SWOT analysis can be used on a paper or a word document or on a notepad too but what if you don’t have to figure out the sequence of it and someone segregate that for you and remove the confusion of it? And there you go BestTemplates comes into the picture and removes the unnecessary confusion of segregating SWOT analysis elements and it’s sub-elements in well sorted and presentable formats.
Blank SWOT Analysis Template
Student SWOT Analysis
Customer Service SWOT Analysis
Employee SWOT Analysis Template
Healthcare SWOT Analysis Template
If you are one of the many business owners who actively look for a one-stop destination for their business templates, congratulations you’re at the right place. We have 5000+ templates for all your business needs beautifully designed for you to download, edit and use at BestTemplates.com