SWOT Analysis to Assess and Improve your Company
The process of investigation conducted by any organization for finding out the internal and external condition of their business is known as SWOT. In accordance with the researchers, it is a useful technique for identifying the strengths, weaknesses and the opportunities, threats that the company is required to trigger for making their position strong.
How to perform the analysis?
The process can be carried out by an individual or a group suggested by the head department of the company for assessing the state of affairs in the organization. The process can be performed by means of two steps
- Make list of the facts that you consider as the strengths and weaknesses of your organization
- Recognize and classify the opportunities and threats coming in the way of your business
Strengths and Weaknesses
The internal factors of the organizational environment come under the room of strengths and weaknesses these factors can be identified by using the following techniques:
Strengths
- List down the advantages that your company is attaining
- List the factors that are unique to your company
- List the ways that you are using for consuming the resources and others are not using
- List or find out the perspective of others regarding your company
- List the factors that are responsible for sale
If you are having a unique selling proposition for your organization than your customers would be really satisfied with you, and that will be the key strength of your company
Feeling it difficult?
If you find it difficult; then list down the characteristics of your organization, and the techniques that you are using for carrying out the activities.
Tip
In the process of listing the strengths of your organization compare them with your competitors. As all of the competitors are delivering standard work then this is not the strength of your company; it is not a unique factor and secondly it is the requirement of the production market.
Weaknesses
- List the factors that require improvement
- List the things that are required to avoid
- List the factors that are suggested as weaknesses of your company by others
- List the aspects that can or are causing sales
Feeling it difficult?
In this process consider the characters again in accordance with the competitors. Taking other’s perception will suggest you the weaknesses that are not visible to you. Find out what your competitors are doing for handling their weaknesses.
Tip
Be realistic at this moment, and handle the horrible truths
Opportunities and threats
The external factors of the organization; deals with the opportunities and threats that will come in the way by means of the competitors or other forces.
Opportunities
- List down the occasions that are coming your way
- List the fascinating trends that you are knowing about your business
Practical and Constructive Opportunities can come from these factors
- Development of the technologies and advertise on an extensive and intensive scale
- Development of the policies of government relevant to your field
- Development of the societal prototype, inhabitants profiles, modification in the way of living, and others.
- Regional events
Tip
The best way of finding opportunities is to analyze the strengths and set them in a way to obtain benefits; check out the weaknesses as any opportunity can arrive by eradicating the weakness.
Threats
- List the hurdles that you are facing in the establishment of your organization
- List the activities that your competitors are carrying out
- List the standards and specifications that your company is changing for the products or services
Factors required to Consider
- Find out that the change in the technologies is affecting the position of your company
- Analyze; is your company is facing bad debt or cash-flow troubles
- Analyze; are the weaknesses are causing threats for your company
Tip
Make sure you have considered each and every external factor that is dealing with the performance of your company.
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