What Is SWOT Analysis? Know How to Do It from the Experts

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Want to develop a business strategy? If yes, then SWOT analysis is the most useful and powerful tool, no matter you are building it for a start-up or an already existing company.

Basically, SWOT stands Strength, Weaknesses, Opportunities, and Threats.

Strength and weaknesses are internal of your company. Internal things are that things on which you have some control and you can change. Example, intellectual property

On the other hand, opportunities and threats are external to your company. These are basically the things that are going outside your company in the larger market. You can take advantage of opportunities and protect yourself from the threats.

SWOT analysis

By now you surely have understood how important SWOT analysis is. Now let’s discuss how it is done explained by the strategic management assignment help providers of Global Assignment Help.

How Is Swot Analysis Done?

  • Firstly you have to gather a team to do a SWOT analysis. One or two hours is more than enough.
  • Gather people from different sectors of the company and make sure you have representatives from every sector.
  • Doing SWOT analysis is similar to brainstorming sessions and there are ways to run them.
  • After 5 to 10 minutes of brainstorming, write down all the important points on sticky notes and put them on the wall.
  • Once all the ideas are collected and organized, it’s time to follow the best one. You can use a voting system.
  • Based on the voting procedure, you should build a list of the ideas on their priority. After that, someone should make a call to debate on the list.

Questions That Can Help You in SWOT Analysis
There are a few questions you can ask your team when you’re conducting SWOT analysis.

Strengths:
Strength is internal and positive attributes of your company.

  • What business processes are useful?
  • What competitive edge do you have over your competitor?

Weaknesses:
These are negative factors that detract from your strengths.

  • What business processes need improvement?
  • Are there gaps on your team?

Opportunities:
These are external factors that are likely to contribute your success

  • If your business is up, do customers think highly of you?
  • Are there upcoming changes to regulations that might impact your company positively?

Threats:
You have no control over threats.

  • Do you have potential competitors who may enter your market?
  • Are there market trends that can become a threat?


With goals and actions in hand, you will go a long way towards completing a strategic plan for your business. If you want additional information about SWOT analysis, seek strategy assignment help from the writers of Global Assignment Help.