Once you analyze your strengths, weaknesses, opportunities and threats (SWOT), take this information to the next level, but keep it simple. Apply the SWOT analysis to individual business components, from production and distribution to finance and human resources. Use the template below or search SWOT templates for more ways to complete your analysis.
Understand that these four individual categories do not stand alone, and they don’t remain static. By completing a SWOT analysis, you can take corrective measures to transform a weakness into a strength. Maybe you change your training program to convert poorly trained workforce to skilled employees who are the envy of peers. Maybe you simply keep your website updated.
You can even develop a workaround solution for your business to deal with threats you identify. Perhaps, the economy is hurting your restaurant customers, so you add lower-price items to your menu or offer take-out for the first time.
Remember, nothing remains static in business or in life. Today’s strengths can become tomorrow’s weaknesses or even irrelevant. A hurricane watch one day becomes a bright, sunny day a week later, attracting shoppers to your retail store. Do a SWOT analysis, but revisit the exercise periodically.
|
|
Positive
|
Negative
|
|---|---|---|
|
Internal
|
Strengths
|
Weaknesses
|
|
External
|
Opportunities
|
Threats
|
