Do not begin any major task without this analysis tool! This tool will generate the list of valuable ideas and strategic direction to achieve your goals. We can say SWOT Analysis is a tool that helps our project, business objective, venture or organization in 4 ways:
- Evaluate the Strengths so that you can capitalize on them,
- Identify the Weaknesses so that you can address them,
- Discover Opportunities so that you can invest accordingly, and
- Analyze Threats so that you can plan to mitigate them.
SWOT comes from Strength, Weakness, Opportunity and Threat. It is 2×2 matix which we use to gather the data on 4 areas by asking questions. You can do it through brainstorming session and use required data from customer feedback, surveys, industry research, market trands, etc.
I stumbled upon this great 5 min video by Erica Olson and thought of sharing it with you along with other resources.
Strengths and Weaknesses are internal while Opportunities and Threats are external to the business objective or the task for which SWOT analysis is being done. It is as simple as asking good questions!
This video will explain a lot and referresources for mastery –
- Basics – http://erc.msh.org/quality/ittools/itswot.cfm
- Process – http://www.andyeklund.com/creativestreak/2009/05/swot-analysis.html
- Small Business Startup SWOT Questions –http://www.selfemployedcafe.com/swot-analysis-template/
- Template and Practical Example – http://farm-risk-plans.usda.gov/pdf/swot_brochure_web.pdf