What is a SWOT Analysis?
SWOT Analysis is an easy method of assessing the viability of a new business project by identifying key areas of importance to the project. SWOT analysis is a great management tool which can used to quickly gather ideas and opinions of team members who are engaged in achieving a common objective. SWOT Analysis enables team members to identify internal and external factors that are both favorable and unfavorable to achieving a business objective. The basic SWOT model provides a simple vehicle to focus on strengths, weaknesses, opportunities and threats and is used as an effective management resource by both top corporations and small businesses.
What is a SWOT Analysis?
The acronym SWOT stands for: STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS |
How to write a SWOT Analysis?
How to write a SWOT Analysis? You don't have to! Just use the following sample of a SWOT analysis model and relevant factors will be identified by the team. SWOT Analysis - First identify a Project objective
Before undertaking SWOT analysis is is critical to identify the objective of a project. For instance in marketing the objective might be to develop a new gardening product. Sample SWOT Analysis Matrix
SWOT ANALYSIS
Objective: ________________________________________________________________
| HELPFUL
To achieving the business objective | HARMFUL
To achieving the business objective |
STRENGTHS
(Internal Origin - attributed to the organisation)
|
WEAKNESSES
(Internal Origin - attributed to the organisation) |
OPPORTUNITIES
(External Origin - attributes of the environment)
|
THREATS
(External Origin - attributes of the environment) | HELPFUL
To achieving the business objective | HARMFUL
To achieving the business objective |
Brainstorming using SWOT Analysis
Brainstorming sessions are great fun and highly effective. How to conduct a brainstorming session: Invite at least 4 members of your team Decide on a specific question - e.g. " What would be a creative name for our Team?" Note all of the SWOT elements that the team identifies Type up the results of the SWOT Analysis and issue to the team Use the results as a basis for strategic planning
SWOT Analysis Examples
The following SWOT analysis examples provide illustrations of the type of entries which might be included in the completed SWOT matrix taking an example objective 'to develop a new gardening product': STRENGTHS - (Internal Origin - attributed to the organisation)
Examples: Skills, experience, retail outlets, unique idea WEAKNESSES - (Internal Origin - attributed to the organisation)
Examples: No internet presence, lack of marketing expertise, limited finance for advertising purposes OPPORTUNITIES - (External Origin - attributes of the environment)
Examples: Expanding market, 'green' concept, technology THREATS - (External Origin - attributes of the environment)
Examples: Political factors - tax policy, labour law, environmental law, trade restrictions, tariffs and political stability
Economic factors include economic growth, interest rates, exchange rates and the inflation rate
Social factors include cultural aspects, health & safety, age distribution
Technological factors include technological shifts that can affect costs and quality
Environmental factors also include weather, climate change and viruses SWOT Analysis and Strategic Planning
Key factors identified during the process of SWOT Analysis provides various steps or stages in the process of strategic planning and can be built into project plans to ensure that all issues are addressed to help to successfully achieve the selected objective. History of the SWOT Matrix
The SWOT matrix and the SWOT technique is credited to Albert Humphrey. Albert Humphrey was a business and management consultant who specialised in Organisational Management and cultural Change. Humphrey devised the SWOT matrix and the SWOT analysis technique using data from Fortune 500 companies. Importance of SWOT Analysis
The importance of SWOT Analysis should not be underestimated and can be critical in ensuring the success of strategic planning. Make sure every member of the team agrees to the idea and works to meet the objectives of the team. | 
