A SWOT Analysis is a technique used for business planning. It is useful for gaining a thorough overview of a person, business, product, brand, or new project early in its life cycle.
SWOT is an acronym that stands for:
- S trengths
- W eaknesses
- O pportunities
- T hreats
Strengths and Weaknesses are internal to your organization, while Opportunities and Threats come from outside. The SWOT analysis is a good starting point for establishing where you are; it should be followed up with planning and development sessions to move your business forward. This tool works best when you have identified a specific goal or objective to analyze.
Use notecards, text, or shapes to fill in the Strengths, Weaknesses, Opportunities, and Threats based on your knowledge of the business or process. Then analyze the completed diagram and use the rest of the workspace to outline the next steps in your plan.
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