A SWOT analysis is a useful tool for identifying your company's strengths, weaknesses, opportunities and threats (SWOT). The tool is used in the first stage of planning and helps you to focus on what the positives and negatives are in your business.
Strengths and weaknesses are internal factors whilst opportunities and threats are external factors. A strength is a positive internal factor about your business. A weakness is a negative internal factor about your business. An opportunity is a positive external factor. A threat is a negative external factor.
Once you have carried out your SWOT analysis, these findings will then help you to create your business and marketing objectives.
A SWOT can also be used in conjunction with other tools for analysis, such as a PEST analysis. Generally, a SWOT analysis is popular because of the simplicity of it.
You can download a template of this SWOT analysis tool below. Start by adding 5 things that you feel would come under the appropriate sections.
Remember, if you need some advice on this, our business advisors here at Wenta are always on hand to help talk this through with you.