SWOT Analysis Templates
A SWOT analysis is commonly used in businesses, especially in the planning, market analysis, project management, individual development and organizational change stages. This analysis proves to be a greater help in situations where strategic planning is needed to reach an objective.
There is much other analysis that companies do for different purposes, but that mainly depends on the size or type of each business. On the other hand, SWOT analysis can be done for any organization irrespective of the type, size or scope.
Since the SWOT analysis considers both external and internal factors of the entity so it is an honest way to look at the weaknesses and strengths and to pinpoint the factors that need to be changed or amended soon.
SWOT analysis basically discusses the strengths, weaknesses, opportunities, and threats to the entity. The strength and weaknesses are the internal factors of the organization that may refer to the financial resources, human resources, types of equipment, systems and other such items.
While assessing the strength and weaknesses, it must be kept in mind that the SWOT analysis is done in the context of the objective and the strength of one segment may be a weakness in another. In general, with the help of SWOT analysis characteristics are searching for that gives business advantages or disadvantages over the competitors in achieving the set goal.
Opportunities and Threats, on the other hand, are the external elements or factors that influence the business and may include market trends, funding from external sources, suppliers, the economic atmosphere, political and environmental issues, and other such different factors.
This analysis can help the business in identifying new, improved and better opportunities other than the areas for further growth and issues that could create a problem for a prospective project or achievement of the goal. These external factors are usually uncontrollable and can influence the business goals in significant ways. The main objective of assessing these external factors is to determine whether an object is even attainable or not. The best or the most effective results are achieved only by evaluating the external factors along with the internal.