Professional business people would need to have their credible sources of SWOT analysis template to help them conduct a research about the company’s performance and operation. When done properly, the analysis can help company eliminate threats, manage possible problems, and find new opportunities. So, what should you know about this analysis?
A Deeper Understanding to SWOT Analysis
SWOT is the short for Strength, Weakness, Opportunity, and Threats. It is a technique or method to calculate and determine the business’ important elements in relation to weakness, strength, opportunities, and threats. Such an analysis is designed to help improve your performance in the market, especially in the business setting.
Such an analysis can also be used in the personal context, designed to develop your ability and career. When done in the personal setting, it will help with your abilities and talents, as well as improving your opportunity. In business, the framework can help you create and manage a strategy that will make yourself different from the other competitors. It creates a unique brand awareness (your brand, of course) for your market and customers.
How to Create the SWOT Analysis
Not everyone is familiar with the system or method in creating the SWOT analysis. That’s why they may make use of the SWOT analysis template to make their job easier. Also remember that weakness and strength are generally related to internal factor while threat and opportunity are related to the external one.
- First of all, you need to divide each element into four big sections: Strength, Weakness, Opportunity, and Threat.
- On each section, you can write down the questions – which should be formulated and answered honestly
In the Strength section, lay it down as these:
- What can you do better when compared to others?
- What perks you have (or your company has) that others don’t?
- What factors that determine you will get the sale?
- What’s the organization USP (Unique Selling Proposition)?
- What kind of unique resources or the lowest cost that you can have when compared to others?
- What customers see as your strength?
In Weakness section, lay it down as these:
- What can you avoid?
- What can you improve?
- What customers see as weakness?
- What factors make you lose sales?
In Opportunities section (as shown in the SWOT analysis template), write the questions as:
- What kind of chances can you spot and find?
- What kinds of trends or new hype that you are aware of?
- How can you embrace the market and technology to expand the business?
- The best way to answer the questions is to look at your strength first and then ask yourself, “How can this open up new chances that will be beneficial for my business’ development?”
In Threats section, ask yourself:
- What kind of obstructions do you encounter or face?
- What are the things your competitors have done?
- Is the change of technology threaten your business or position?
- Do you have problems with finance or cash flow?
- Can the weakness seriously affect the business?
Feel free to choose any template that you want to help you grow your business. Don’t forget that SWOT analysis template can also be used for personal growth and development.