SWOT ANALYSIS ? Factors, How to do it?

SWOT ANALYSIS

 

This is a fast-moving world; often, we don’t even get enough time to introspect about our journey in life. In today’s scenario, everybody is so busy and engrossed in their routines that they barely have time to think about themselves. To survive in this world, we have to work immensely hard every day. Sit back! Think! Introspect, is this what you want in life. Are you heading towards the journey you aspired about? This is not just said for the sake of saying “Follow your heart, work towards your passion. Make a list of your weakness, strengths, the opportunities you can grab in life, and the threats you can encounter. In the long run, you should be aware of your positives and drawbacks so that you can work on them accordingly. Work on your weaknesses, turn them into your strengths, and boost your power by practicing, even more, to grab as many possible opportunities and possibly prevent yourself from the threats. Plan it out in detail, and start your success journey with a zest. Let’s understand the technique of SWOT analysis, which can help you with the same.

 

What is a SWOT analysis?

SWOT stands for Strengths, Weakness, Opportunities, and threats.

It is a technique or a procedure that will help you analyze the internal and external factors which can have a significant impact on your business or startup.

Internal factors constitute Strengths and weaknesses. One should be aware of their limitations and points so that they can work on them and continue to use them for achieving what they have planned.

Opportunities and threats are the external factors; you should always grab opportunities and be aware of the risks.

Remember, you cannot always plan towards the threats in life. Life is unexpected; it can take you to roads that you haven’t even imagined about. But you can surely handle those threats with what you have and gain something out of it.

SWOT analysis can be used to make the most of what you have got. You can work on your limitations, boost your strengths, and grab as many possible opportunities for your organization and business yet be prepared for the threats.

Introspect, apply the SWOT technique and start working in the planned direction for your organization or your startup.

Planning is the base for any success story, and by focusing on both the internal and external factors, you can drag yourself towards the success line.

 

With whom you can practice SWOT analysis?

When you are going to practice SWOT analysis, you should arrange a meeting, with founders and leaders of the company or organization.

Your meeting should also include people from different departments, who are well informed about the ongoing activities and about the threats that can arise in the future.

Gather everybody’s perspectives, ideas, and opinions for all four columns. People have different views and designs which can help you deal with things in a better way.

If you are planning for a startup, arrange a team-first or maybe discuss your ideas with a friend who knows about your plan; you can also discuss your ideas with experts or well-settled people in your family for an expert opinion.

In case, you have a startup idea, it is essential to be clear and determined about your thoughts and then involve people, so that you can have a clear vision in mind, and then later you can apply the same technique with your team for a better response.

Established businesses can use the SWOT technique to understand their ongoing situation and improve and work on it for better results in the future.

Remember the world is evolving; trends are changing, so you need to stay updated with the world, and hence you have to use SWOT analysis time after time.

Startups can use this technique for robust planning and to take a perfect kick start for their business.

 

How to do it!

1. Business startup

Make a chart or a template with headings Strengths, weaknesses, opportunities, and threats. Take your time, start noting down your strengths, weakness, and brainstorm about the possibilities you can create for your business in the future and how you can plan towards the threats that can come your way. Make sure you are sitting in a silent atmosphere, with no disturbance around. Whenever you get an idea, note it down under the relevant column. Under the strength and weakness column do mention the internal factor and under the opportunities and threats, mention external factors.

Example: Gather a team of people who will work with you. Now when thinking about the strengths and weaknesses you have to focus on the relevant skills of the people, what functions they can perform, and which role should be assigned to whom. Now gather all the opportunities you can either create or grab with these people and how can safeguard yourself from the upcoming threats in the market or that may arise in your business in the future. You can discuss these ideas with people who are settled in their professions and have relevant knowledge and skills about industry and market strategy or even with a friend who knows about your business to gather different perspectives, also to understand the flaws in the current thought process or idea. Remember to work on everything in a planned and organized manner to have a clear idea about things.

 

2. Well established Business

When you already have a well-established business, arrange a meeting with the founders and leaders of the company along with the heads of different departments. Provide a pen and paper to everyone and ask them to fill in the four columns of Strengths, Weakness, Opportunities, and Threats. Now arrange similar ideas on one side of the board and unique on the other side. Read out the related ideas loud in the meeting and repeat the process with the unique designs too. Ask people to vote for the best ideas and start ranking them in order of preference. You will get the best results under all four categories. Now begin using them to enhance your business or organization. Remember, trends change; hence it is essential to use the SWOT technique time after another to keep your business updated and successful.

 

4 critical factors in the SWOT analysis

Four critical factors in SWOT analysis are Strengths, weaknesses, opportunities, and threats.

 

1. Strengths

Always count on your strengths, your plus points which distinguish you from others and make you unique.

List down the strengths that make you unique and different from your competitors.

Think about something which only your company provides to the people or USP(UNIQUE SELLING POINT)

Your USP will bring you a clear advantage in the market and make you more preferable among people.

Think about the advantages your organization has over other organizations.

These might be the motivation of your staff, access to certain materials, or a robust set of manufacturing processes.

For example, your company focuses on cash on return which other online sites do not offer; this is the unique selling point of your company and makes you different from all other online sites on the internet.

 

2. Weakness

Face your limitations. It is always essential for any organization to work on its flaws for better accountability and response.

Be honest! Face your sad truth, ask people around.

Do not just stick by your own opinion, talk to people. Ask them about the flaws in your product/service.

Focus on people, resources, systems, and procedures.

You should notice why your competitors are better than you, but never really let that hamper you much. People have different journeys in life, and you always cannot compare yourself with others.

You should be informed about their strengths and work harder on yours.

 

3. Opportunities

Strengths and weaknesses are internal factors, which will help you get a solid grip over external factors like opportunities.

While you are working on your strengths and weakness, do grab the opportunities that come your way.

These opportunities can have a big or a minimal impact on your company or organization either positively or negatively.

They might arise as developments in the market you serve, or in the technology you use.

It is essential to notice the opportunities coming your way, then grab them and make the most out of them.

You should also watch out for changes in government policy related to your field.

And changes in social patterns, population profiles, and lifestyles can all throw up exciting opportunities.

 

4. Threats

Life is unexpected! You can plan for things accordingly, but in most cases, experience leads us to a different road altogether.

However, it is essential to be ready to fight these threats and learn something from them, which can benefit your organization or company in the future.

They harm your company and hence affect your business.

They can be anything ranging from supply chain problems, shifts in market requirements, or a shortage of recruits.

 

Summary

SWOT stands for:

S for Strength

W for Weakness

O for Opportunities

T for threats

 

It is a technique or a procedure that will help you analyze the internal and external factors which can have a significant impact on your business or startup.

Internal Factors- Strengths and Weaknesses

External Factors- Opportunities and Threats

 

Use your strengths, work on your weaknesses, meanwhile grab the opportunities in between, and plan to prevent your company from threats.

Your strengths make your company unique.

Analyze your weaknesses and work on them for the better future of your company.

Grab all the opportunities that come your way and plan to prevent and learn something from threats.

 

 

 

 

 

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