What Is a SWOT Analysis?
You probably know it, but it’s worth mentioning. A SWOT Analysis is one of the most commonly used tools to assess the internal and external environments of a company. It’s also a part of a company’s strategic planning process. SWOT analysis is a technique for assessing the performance, competition, risk, and potential of a business.
Sounds simple, right?
Enhanced SWOT Analysis to guide you through
We have prepared a worksheet for you consisting of 4 short steps that will guide you to create the perfect SWOT analysis.
Step 1 Input with “Impact Rate”
Most SWOT analysis templates end at this step. All you have to do is to provide a list of your strengths, weaknesses, opportunities, and threats. Then, assign an Impact Rate to them and try to determine the impact rate for your competitor. For instance, you can identify your strength as an “Innovative Product”. Since it’s probably the most important strength, so you set “Impact Rate” as 9. However, your competitor cannot boast of this, so you rate this strength for him only at 5.
Step 2 Comparision
This is the moment for an in-depth analysis of your strengths, weaknesses, opportunities, and threats. Therefore, this sheet will help you to correct what you entered in step 1 and will also help you bring out new insights
Step 3 Strategy
The purpose of this sheet is to help you to create an action plan.
Strategies to Build Strengths
Review your Weaknesses as well as your Top Opportunities and Threats. Then make an action plan for these 2 strategies that will turn your Weaknesses into Strengths
Attacking and Defensive Strategies
Review your Strengths as well as your Top Opportunities and Threats. Then make an action plan for these 2 strategies to maximize Opportunities and minimize Threats
Step 4 Summary
Summary consolidates all sheets into one place. In conclusion, get your SWOT analysis at a glance, your insights, and an action plan to implement one or more strategies. Ready to print template.
SWOT Analysis – Internal and External Factors
A SWOT analysis is divided into two main categories: internal factors and external factors.
Take a moment to consider your own company, its features, strengths, and weaknesses. Analyze areas such as:
- Operational processes
- Financial Resources
- Market share
- Brand awareness
- Team & their skills
- Organizational structure
- Company culture
Then try to list all factors that generate value or sales. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes. Also, ask yourself what your competitors might see as your strengths. What values drive your business? Also, what unique resources that you have that others do not? Or, what is your company’s Unique Selling Proposition?
Now, consider what stops you. They are areas where the business needs to improve to remain competitive. It’s maybe a lack of skills, resources, or inefficient processes. Think about what you could improve. What does your company not do well? What weaknesses do consumers see in your company?
It’s time to check your business’ environment. These are the areas that affect your business:
- Social changes
- Government regulations
- Market trends
Opportunities could give an organization a competitive advantage. These don’t need to be game-changers: even small advantages can increase your organization’s competitiveness. Be vigilant and watch out for any changes in the market. Are there any changes in technology or markets that your company can take advantage of? What are some trends that your company can capitalize on?
Threats include anything that can negatively affect your business from the outside. Always consider what your competitors are doing and whether you should be changing your organization’s emphasis to meet the challenge. What are your competitors doing better than you? Do changes in lifestyle, social patterns, etc., pose a threat to your company?
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