SWOT ANALYSIS
A strengths, weaknesses, opportunities and threats (SWOT) analysis is a company's examination of its environment prior to the formulation of an official strategy. A company's strengths and weaknesses are internal; they are those factors that are directly within its control. Conversely, opportunities and threats are factors that are external factors, outside of a company's control.
BENEFITS OF A SWOT ANALYSIS
A SWOT analysis allows your organization to gain a comprehensive understanding of the reality in which it operates. This will facilitate the generation of a more sound strategy.
THE SWOT ANALYSIS PROCESS
- Conduct research of publicly available information regarding competitors and the industry as a whole
- Meet with key individuals within the organization to brainstorm factors in all four categories
- Consolidate the rough draft into a more easily understandable format
- Analyze how each group of factors is affected by the other three
FURTHER READING
These links elaborate on the topic at hand. They serve as a good starting point for those companies that would like to learn more or would like to address these topics “in house.” For those firms that prefer to continue to focus on their current responsibilities and would value the objective viewpoint of a professional from outside of the organization, click here.
“Free SWOT analysis template and method, free swot analysis examples”
Excerpt: “A business was divided into two parts. The base business plus the development business…The amount of development business which became operational is equal to or greater than that business on the books within a period of 5 to 7 years. This was a major surprise...”
“SWOT Analysis”
Excerpt: “Since SWOT analysis can be used in a variety of scenarios, it has to be flexible. However this can lead to a number of anomalies. Problems with basic SWOT analysis can be addressed using a more critical POWER SWOT.”
“SWOT Analysis – How to do a SWOT analysis SOFT analysis- examples and case studies of SWOT and SOFT”
Excerpt: “A SWOT analysis is a process to identify where you are strong and vulnerable -- where you should defend and attack. The result of the process is a 'plan of action'... The analysis can be performed on a product, on a service, a company or even on an individual.”
ImperoCo Business Solutions - "Developing Organizational Success."