Swot Analysis

 Welcome back to my blog

Today we are going to talk about the swot analysis

What is it?

Swot analysis is a strategic planning technique used to help individuals or organizations identify strengths, weaknesses, opportunities, and threats related to business competition or project plans.

How to perform a swot analysis?

First, make a swot analysis matrix, or you can find a free template on the internet and then download the template.

You can perform swot analysis in two ways: by bringing people together, by "kicking off" strategy development informally, or as a more complex and formal tool.

In either case, you can form a team made up of various roles and levels in the organization. Use brainstorming techniques to create a list of ideas about the current state of the organization. Every time you identify strengths, weaknesses, opportunities or threats, write them down in the appropriate part of the grid.

To find out where an idea belongs, it is helpful to treat strengths and weaknesses as internal factors (related to organization, assets, processes, and people). Think of opportunities and threats as external factors caused by your market, the competition, and the economy in general.

Let's examine each area in more detail and consider what questions might be asked during the discussion.

Strengths

Strengths are things your organization is particularly good at, or how you make it stand out from the competition. Consider the advantages your organization has over other organizations. Your strengths are an integral part of your organization, so consider why it "works." Identify and analyze the organization's unique selling proposition and add it to the “Strengths” section.

Remember that any aspect of the organization can give you a clear advantage, but this is only an advantage.

Now is the time to consider the weaknesses of the organization. Weaknesses, like strengths, are inherent characteristics of an organization, so we must focus on people, resources, systems, and processes.

Being able to discover and seize opportunities can greatly change the competitiveness of an organization and occupy a leadership position in the market. Consider the good opportunities that can be discovered immediately. Changes in social patterns, population profiles, and lifestyles can create exciting opportunities.

Finally we have the threats 

Threats include any content that could negatively affect you.

Foreign business, such as problems in the supply chain, changes in market demand or a shortage of hires. Consider the obstacles you encounter in getting your product to market and selling it. You may notice that product quality standards or specifications are changing, and you must change these products if you want to stay ahead of the curve. Evolving technology is both a threat and an opportunity!

But keep in mind that what they do may not work for you, avoid copying them without knowing how to improve your position.

Until next time!

With love: Your friend Sofi Hernández