Wednesday, 5 June 2013

Strengths Weaknesses Opportunities Threats

Otherwise know as S W O T 



You may have heard of it before or you may be scratching your head right now wondering if you are reading another language but the simple SWOT analysis can help many a business (regardless of size and nature) and it is so under utilised.


Quite simply, a SWOT is identifying 


STRENGTHS & WEAKNESSES
OPPORTUNITIES & THREATS

STRENGTHS & WEAKNESSES tend to be internal in origin and usually something that is within our control.

OPPORTUNITIES & THREATS are of an external nature, those things that are not so much in our control.

A SWOT analysis is a brilliant tool to aid you in making better informed strategic decisions for your business. It not only helps you to decide a course of action to take, it can also make clear what actions you should not take. You can perform a SWOT on any aspect of your business, from looking at your business as a whole to zooming in to focus on specific areas.

You probably go through some of this when you look to adding a new product line, next time try doing the full analysis and identify each of the four arms of SWOT.

Take it a step further, do a SWOT on your competitors. How do they compare to you?

I have created this worksheet for you to do your own. You can download your free worksheet here


                 

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