As you're evaluating your results, remember that your SWOT analysis is only a starting point, not an actionable plan. You are still responsible for developing a strategy that will take you from where you are to where you want to be, and SWOT provides a roadmap for that strategy.
Tip: When evaluating your SWOT analysis go in the order of strengths, weaknesses, threats and opportunities. Soft-Touch makes pads that attach by Velcro to the plastic face mask worn by sleep apnea sufferers to help them breathe while they sleep.
The company founder herself has sleep apnea, and she developed the product to increase the comfort of wearing the mask and to eliminate the marks it left on her face the following morning. The company has largely grown its sales through word-of-mouth. A major sleep apnea equipment maker wants Soft-Touch to supply the pads for all of its masks. To satisfy the increased demand, Soft-Touch would have to outsource its manufacturing.
Notice that the SWOT analysis doesn't provide an answer; rather, it provides a framework to help formulate an answer and allows you to see exactly what the opportunities are an expanded market share and increased revenue , what weaknesses currently limit the company lack of funding and marketing expertise, limited manufacturing capacity , its current strengths unique proposition and trusted brand , and the threats it could face if it takes the opportunity less control and need for financing.
Kiely Kuligowski. A SWOT analysis helps you make smart, informed business decisions. What is a SWOT analysis? A SWOT analysis has four quadrants: The analysis provides you with an accurate picture of what your business is currently doing well and how it can improve. Strengths What do you do well? What unique skills or services do you have? What experiences do you have that can help you achieve your goal? What do you do better than your competitors? Where are you most profitable?
Weaknesses What aspect s of your business could hinder your progress? What skills or resources are you lacking? They can discuss your personal and career goals and use your analysis to develop a plan that helps you succeed in your job. There is no need to hire an outside business consultant to perform a SWOT analysis for your company. Individuals inside the company can perform the analysis. Team members who know a lot about the company and its history can brainstorm and answer questions that pertain to each SWOT category.
Start by drawing a large square and dividing it into four smaller squares. Next, you can record your company's strengths and weaknesses in the top two boxes. Then, write down any opportunities and threats you've compiled in the bottom two boxes. You may also choose to simply make a separate list for each section. When you are filling out the SWOT analysis, consider the following questions to help guide you as you assess your company:.
Find jobs. Company reviews. Find salaries. Upload your resume. Sign in. Career Development. What is a SWOT analysis? Why should you do a SWOT analysis? Maximize your strengths. Loyal customer base Low employee turnover rate Increase in income Excellent customer service Reduction in product cost. Lessen your weaknesses. Dissatisfied employees Micromanaging Inadequate technology Poor brand image Not enough cash.
Take advantage of opportunities. Identify potential threats. Increase in supplier cost Change in demographics Loss of resources due to environmental changes Saturated market. Public Sector Special Contact Center Special RPA Special Manufacturing Special Staying Connected to Organizational Priorities is Vital Comprehensible Distribution of Training and Information I agree We use cookies on this website to enhance your user experience.
By clicking any link on this page you are giving your consent for us to set cookies. More info. However, if you would like to share the information in this article, you may use the link below:. APAC Europe. Don't risk making this same mistake, and use a SWOT analysis the next time you do your strategic planning session.
Finally, look at the potential opportunities and threats that affect your business and your industry. Not only will it give you insight into opportunities for growth in the future, but it will also give you insight into your competitors might be thinking of doing next.
By identifying potential threats and risks, you significantly reduce the negative affect on your business because you'll be able to plan and react to them more effectively. Incorporating a SWOT analysis into your strategic planning could be the difference in staying where you're at or becoming the market leader in your industry.
All rights reserved. What is a SWOT analysis? Strengths and Weaknesses: These are internal issues. We can help you align your team around a clear vision, mission, values, goals and action plans, s o you can lead your organization more effectively and get better results.
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