SWOT stands for Strengths. Weakness, Opportunities and threats
It is a simple tool for analyzing your current situation and deciding how beat to go forward.
Used in a business context, it helps you carve a sustainable niche in your market. Used in a personal context, it helps you develop your career in a way that takes best advantage of your talents, abilities and opportunities.
The entries under the four lists can for the basis of how you plan over the short and long term.
Can threats become opportunities?
It can help you uncover opportunities that you are well placed to take advantage of.
Can you turn weakness into strengths?
Bu understanding the weakness of your business, you can manage and eliminate threats that would otherwise catch you unawares.
Strengths:
• What advantages does your company have?
• What do you do better that anyone else?
• What unique or lowest-cost resources do you have access to?
• What do people in your market see as your strengths?
Weaknesses:
• What could you improve?
• What should you avoid?
• What are people in your market likely see as weaknesses?
Opportunities:
• Where are the good opportunities facing you?
• What are the interesting trends you are aware of?
Threats:
• What obstacles do you face?
• What is your competition doing?
• Are the required specifications for your job, products or services changing?
• Is changing technology threatening your position?
• Do you have bad debt or cash-flow problems?
• Could any of your weaknesses seriously threaten your business?
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