What is a SWOT analysis?
The SWOT analysis is a strategic business framework in the form of a 2x2 matrix to assess internal aspects of your business and its environment. You can also apply it to evaluate a product, a project, or even your career.
SWOT is an acronym for strengths, weaknesses, opportunities, and threats.
The quadrants “strengths” and “weaknesses” are related to internal factors and must reflect the current situation of your business.
Under strengths, try and identify every advantage you have over your competitors. Under weaknesses, list the areas and features you need to improve as well as the resources and skills you lack. This includes anything that might hinder achieving your objectives or put you at a disadvantage to the competition.
The quadrants “opportunities” and “threats” are related to external factors and might reflect not only the present circumstances but also future opportunities and challenges.
Social and economic trends, market regulations and taxations, technology, the situation of competitors; all these are part of the external environment that can benefit or damage your business strategy.
A SWOT analysis should always be assessed in relation to your business objectives and, in the end, will offer a clear picture of how prepared your company is to take advantage of opportunities and face market threats.
Best uses for the SWOT analysis
- Strategic and corporate planning
- Reviewing the performance and potential of personnel, finance, manufacturing capabilities, etc.
- Aiding decision-making
- Visualizing the 4Ps of marketing (product, price, place, promotion)
- Matching and converting new markets
- Encouraging personal reflection–try using a SWOT analysis chart to reflect on your next big career move
- Anticipating deal-breakers
How to make a SWOT analysis with Vizzlo?
This vizzard offers you a straightforward and elegant matrix that allows you to focus on what matters: your SWOTs. Follow these steps to create yours with ease:
- Click any element to edit it directly
- Or copy and paste your text into Vizzlos spreadsheet (on the “DATA” tab of the sidebar)
- Explore the theme options to pick your favorite or customize one and choose your preferred colors and fonts
SWOT analysis: pro tips
- After compiling your SWOTs into the matrix, create a strategic plan to build up your position in all areas
- In the long run, your company’s resources and capabilities should match the external factors expressing the effectivity of your strategy or a high degree of strategic fit–i.e. the consistency between your current situation, your plan, and your goals
SWOT analysis: key features
- Custom fonts and colors
- Optional icons
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