Business plan using swot analysis - SWOT analysis - Wikipedia

Threats are potential future weaknesses.

Step 3 of a swot analysis— Plan of action… Review your SWOT matrix with a view to creating an action plan to address each of the four areas. In summary a swot analysis: Strengths need to be maintained, built upon or leveraged. Weaknesses need to be remedied, changed or stopped.

6+ Business Swot Analysis Samples

Opportunities need to be prioritized, captured, built on and optimized. Threats need to be countered or minimized and managed.

It is an excellent tool however, for looking at the negative factors first in order to turn them into positive factors. Simple rules for a successful SWOT analysis Be realistic about the plans and weaknesses of your business The Analysis should use between where your organization is today, and where it could be in the future.

Avoid grey areas Always analyze in relation to your competition i.

Due to the collaborative nature of a swot analysis, your working group will need certain qualities to succeed: Your group must be at a point in its working relationship where weaknesses and potential threats can be faced openly and objectively.

Ability and willingness to implement change.

Diversity — The team conducting the SWOT analysis should be representative of your entire planning team. Collaborate on each category.

Discuss how to use the information gathered from the SWOT analysis to inform your next steps. Using SWOTs with an Objective or Goal If a SWOT analysis does not start with defining a desired end state or objective, it runs the risk of being an exercise for the sake of an exercise i.

A SWOT analysis may should be incorporated into a strategic planning model.

8 SWOT Analysis Tools for Small Businesses

If a clear objective has been identified, SWOT analysis can be used to help in the pursuit of that objective. Decision makers can then us the results from a SWOT analysis to determine whether the objective is attainable, given the resulting analysis and summary. If the objective is NOT attainable a different objective must be selected and the process repeated.

What resources do you lack? What parts of your business are not very profitable?

For this quadrant, think about the external conditions that will help you critical thinking used your objective.

What are the business goals you are currently working towards? How can you do more for your existing customers or clients?

How can you use technology to enhance your business? Are there new target audiences you have the potential to reach? Are there related products and services that provide an opportunity for your business?

For this quadrant, think about the external conditions that could damage your business's performance. What obstacles do you face? What are the strengths of your biggest competitors?

What are your competitors doing that you're not? What's going on in the economy? What's going on in the industry?

thesis programmatic id For example, you can: Create a plan to build up your strengths even more List ways swot can work on building up your weaknesses Set SMART goals for each of the opportunities you used Devise a analysis to use your strengths to decrease the threats you identified Then, look for ways to combine data from different quadrants in even more ways: