A SWOT Analysis is a widely accepted tool used for strategic planning. Being a simple 2x2 grid, a SWOT Analysis is clear to understand and very easy to complete.
SWOT stands for Strengths Weakness Opportunities Threats.
How to Conduct a SWOT Analysis-
- Define the objective: decide on a key project, review or existing strategy, or planning to launch a new service?
- Complete each section: Simply add bullet points to each of the 4 areas or make it a large collaborative and creative effort and use post-it notes to complete the sections.
- Refine the sections: Try to be as specific as possible, using qualitative and quantitative information. Are you covering all points?
- Draw conclusions: Review the finished SWOT Analysis and check how balances each section is. If the positives outweigh the negatives, you have a winning idea!
- Identify and action your strategies: Match your strengths with opportunities to make them happen and convert your weaknesses into strengths in order to reduce the impact of potentially harmful factors.
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