So, let’s begin with SWOT Analysis.

A SWOT analysis is a technique used to determine and define your Strengths, Weaknesses, Opportunities, and Threats for your business or even a specific project.

Let’s dive a little deeper into each of these terms and how they can help identify areas of improvement.

1. Strength: The first element of a SWOT analysis is Strengths. Strengths in SWOT refer to internal initiatives that are performing well.When looking into the strengths of your organization, ask yourself the following questions:

a.) What are your qualities that separate you from your competitors?
b.) What’s unique about our organization?
c.) Internal resources such as skilled, knowledgeable staff.
d.) What does your target audience like about our organization?
e.) What do you do well? What do you do best?

2. Weaknesses: Once you’ve figured out your strengths, it’s time to turn that critical self-awareness to your weaknesses. Weaknesses in Swot refer to internal initiatives that are underperforming.

You can identify, company’s weaknesses by asking the following questions:
a.) What are the things that your company is lacking?
b.) What are the things your competitors are better than you?
c.) Resource limitations.
d.) Unclear unique selling proposition.

3. Opportunities: Opportunities in SWOT result from your existing strengths and weaknesses, along with any external initiatives that will put you in a stronger competitive position. it’s helpful to consider these questions before getting started:

a.) Few competitors in your area.
b.) What do your competitors offer?
c.) Underserved markets for specific products.
d.) Emerging needs for your products or services.

4. Threats: The final element of a SWOT analysis is Threats – everything that poses a risk to either your company itself or its likelihood of success or growth.

Threats are different from weaknesses; they are external and beyond your control. Threats in SWOT are areas with the potential to cause problems.

Here are a few questions to ask yourself to identify external threats:
a.) Emerging competitors.
b.) Changing regulatory environment.
c.) Changing customer attitudes toward your company.
d.) What new market trends are on the horizon?

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