SWOT Analysis is an authoritative technique which identifies the strengths and weaknesses of a particular entity and examines the opportunities and threats faced by a company. It guides your enterprise on how to increase its productivity by taking into account the positive and negative aspects of the environment. It helps your workforce in the development and utilization of their talents and abilities. The main purpose of SWOT Analysis is to minimize weaknesses and reduce threats while building on their strengths and opportunities. It is a powerful tool that provides information to the company by matching their resources and capabilities to the competitive operating environment. Through SWOT Analysis, adequate strategies can be formulated and appropriate approaches can be adopted.
What does a SWOT Table Evaluate?
Strength
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Weakness
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Strength is an internal and personal assessment of the company
It talks about the advantages of the company and delves into certain aspects which other establishments don’t have
It takes into account skills, abilities, talents, and other industry connections that are beneficial for the company
It highlights the personal resources of the firm and the strengths of their workforce
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Weakness is an internal, external and personal assessment of the company
It illustrates the aspects that need to be avoided
It states the factors that need to be changed, transformed or improved
It states the weaknesses of the people, surroundings, and policies
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Opportunities
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Threats
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Opportunity is an external and positive assessment of the company
By evaluating the strengths of the organization and its employees, elements of opportunities can be made
Through the estimation of weaknesses, opportunities can be created by their elimination
The changes in the market trend, pattern, technology, and policy can also prove to be an opportunity for the company
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Threat is an external and negative assessment of the company
It shows the obstacles faced by the company and the actions people are taking to mitigate them
Is the demand for the product, service or brand changing
The changes in the market trend, pattern, technology, and policy can also prove to be a threat for them
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