How To Conduct A SWOT Analysis?

There are various College/University assignments which require you to do the SWOT analysis to understand how a particular company or organisation is doing today, and also it can help to figure out where it will stand tomorrow?

This tool helps you determine where the company position can be in the future and, more importantly, develop a strategic plan. A SWOT analysis directs you to consider the future.

What is Swot Analysis?

"SWOT analysis" may sound like a scary accounting procedure, but it is not. A SWOT analysis does not require addition or subtraction, but it is extremely useful.

A SWOT analysis lists the positive and negative aspects of a company, both internally and externally, by identifying a company's:

• Strengths
• Weaknesses
• Opportunities
• Threats

Conducting a Swot Analysis

A SWOT analysis is a tool for documenting a company's internal Strengths (S) and Weaknesses (W), as well as external Opportunities (O) and Threats (T). This information can be used in your report to help you achieve your objectives. To determine whether a factor is internal or external, consider whether it would exist even if your company did not exist. If it does, it is an external factor (e.g., new technology).

Determine the goal of your SWOT analysis

You should start with a question or goal in mind to get the most out of your SWOT analysis. For example, you could use a SWOT analysis to determine whether you should launch a new product or service or alter your processes.

Study your company, industry, and market.

Before you begin the SWOT analysis, you should conduct some research better to understand your company, industry, and market. You can choose primary or secondary research to get more information about the company. You can talk to staff, business partners, and clients to get a variety of perspectives, or you can use secondary databases such as Google Scholar, Mintel, and WARC. Additionally, you can do some market research and learn about your competitors.

List the company's strengths

The first step is to identify and prioritise the company's strengths. Employee capabilities, financial resources, business location, cost advantages, and competitiveness could be the company's strengths. The list does not need to be conclusive at this stage of the SWOT analysis.

List the company's weaknesses

List the aspects of the business that you believe are weak (i.e., that put the business at a disadvantage to others). Weaknesses may include a lack of new products or clients, employee absenteeism, a lack of intellectual property, a declining market share, and a long-distance to market. Make certain that you address the weaknesses identified in your SWOT analysis.

Make a list of potential business opportunities

Consider the external opportunities for the company. These are not the same as internal strengths, and they are not always certain – an opportunity for one aspect of the business may be a threat to another (e.g. you may consider introducing a new product to keep up with consumer trends, but your competitors may already have a similar product). Keep this in mind, but the same item should not be listed as both an opportunity and a threat in the SWOT analysis.

New technology, training programmes, partnerships, a diverse marketplace, and a change in government could be included in the opportunities.

Make a list of potential threats

Make a list of external factors that could present a hazard or cause a problem for the company. Rising unemployment, increased competition, higher interest rates, and global market uncertainty are examples of threats.

Determine priorities based on the SWOT analysis.

When you've finished the preceding steps, you'll have four distinct lists. These lists should ideally be displayed side by side so you can get an understanding of how the company is doing and what issues need to be addressed. You can then determine which issues are most important and which can wait.

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