This is a tool used to examine your business’s Strengths and Weaknesses, Opportunities and Threats in relation to its competition, business objective or in project planning.
- Things your business does well
- Qualities that make you stand out from your competitors
- Internal resources such as skills, knowledgeable staff
- Tangible assets such as capital, technology
What makes you stand out from your competitors, what aspects of your product and service is the best in comparison to others?
- Things your business lacks
- Resource limitations
- Unclear unique selling propositions
In what aspects and areas are your competitors better than you?
- Underserved markets for specific products
- Few competitors
- Emerging need for your products and services
- Press/media coverage for your business
Is there something new or emerging that you can build on, is there a gap in the marketplace that you could exploit?
- Emerging competitors in your markets
- Changing regulatory environment
- Negative press/media coverage
- Changing customer attitudes towards your company
Is your business facing any dangers that need to be addressed?
Some businesses find it helpful to plot their SWOT analysis onto a grid matrix. You can download a template;