When trying to assess the lay of the land, few tools are more useful than the SWOT analysis. It stands for strengths, weaknesses, opportunities, and threats; the SWOT analysis is a planning process that allows your company to overcome challenges and determine what new leads to pursue. The primary objective of a SWOT analysis is to help organizations develop a full awareness of all the factors involved in a decision.
Take some time to consider what you believe are the strengths of your business. These could be seen in terms of your staff, products, customer loyalty, processes, or location. Evaluate what your business does well; it could be your marketing expertise, your environmentally-friendly packaging, or your excellent customer service.
It's important to try to evaluate your strengths in terms of how Swot discussion compare to those of your competitors.
For example, if you and your competitors provide the same prompt delivery time, then this cannot be listed as a strength. However, if your delivery staff is extremely polite and helpful, and your competitor's staff has very few customer-friendly attributes, then you should consider listing your delivery staff's attitude as a strength.
It is very important to be totally honest and realistic. Try to include some personal strengths and characteristics of your staff as individuals, and the management team as individuals. Whatever you do, you must be totally honest and realistic: Recognize Your Weaknesses Try to take an objective look at every aspect of your business.
Ask yourself whether your products and services could be improved. Think about how reliable your customer service is, or whether your supplier always delivers exactly what you want, when you want it.
Try to identify any area of expertise that is lacking in the business. For example, you might realize that you need some more sales staff, or financial help and guidance.
Don't forget to think about your business's location and whether it really does suit your purpose. Is there enough parking, or enough opportunities to attract passing trade? Your main objective during this exercise is to be as honest as you can in listing weaknesses.
Don't just make a list of mistakes that have been made, such as an occasion when a customer was not called back promptly. Try to see the broader picture instead and learn from what happened. It may be that your systems or processes could be improved so that customers are contacted at the right time, so work on boosting your systems and making that change happen rather than looking about for someone to blame.
It's a good idea to get an outside viewpoint on what your weaknesses are as your own perceptions may not always marry up to reality.
You may strongly believe that your years of experience in a sector reflect your business's thorough grounding and knowledge of all of your customers' needs.
Your customers, on the other hand, may perceive this wealth of experience as an old-fashioned approach that shows an unwillingness to change and work with new ideas. Be prepared to hear things you may not like, but which, ultimately, may be extremely helpful. Completing a SWOT analysis will enable you to pinpoint your core activities and identify what you do well, and why.
It will also point you towards where your greatest opportunities lie, and highlight areas where changes need to be made to make the most of your business.
The next step is to analyze your opportunities, and this can be tackled in several ways. External opportunities can include the misfortune of competitors who are not performing well, providing you with the opportunity to do better.
There may be technological developments that you could benefit from, such as broadband arriving in your area, or a new process enhancing your products.
There may be some legislative changes affecting your customers, offering you an opportunity to provide advice, support, or added services. Changes in market trends and consumer buying habits may provide the development of a niche market, of which you could take advantage before your competitors, if you are quick enough to take action.
Another good idea is to consider your weaknesses more carefully, and work out ways of addressing the problems, turning them around in order to create an opportunity. For example, the pressing issue of a supplier who continually lets you down could be turned into an opportunity by sourcing another supplier who is more reliable and who may even offer you a better deal.
If a member of staff leaves, you have an opportunity to re- evaluate duties more efficiently or to recruit a new member of staff who brings additional experience and skills with them. Watch Out for Threats Analyzing the threats to your business requires some guesswork, and this is where your analysis can be overly subjective.SWOT analysis is a framework for analysing your strengths and weaknesses, and the opportunities and threats you face.
This will help you to focus on your strengths, minimise weaknesses, and take the greatest possible advantage of opportunities available. Feb 05, · Re: SWOT (strengths weaknesses opportunities and threats) with QMS 1. For a start, SWOT analysis is is a structured strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
A SWOT analysis is a planning tool that, when used properly, provides an overall view of the most important factors influencing the future of the program. The SWOT analysis is the foundation for a reflective Collect and review data to be used in SWOT discussion.
A SWOT analysis is a common strategic business planning tool that involves composing a list of four elements related to a new business project: strengths, weaknesses, opportunities and threats. After much discussion of SWOT we began the campaign.
During the second week of the campaign when things were not going smooth and we were not meeting our goals and expectations we reviewed the SWOT and determined that we needed to focus on and manage the daily output from our team.
Conducting a SWOT analysis is a great way to develop a picture for where you are and where you need to go. Read more for a step-by-step process for efficiently getting results in a way that involves and energizes a team.