A SWOT (strengths, weaknesses, opportunities, threats) analysis can help you understand how your business is positioned in relation to the market and your competitors.
You can use a SWOT analysis for any of the following:
- business planning
- strategic planning
- competitor evaluation
- product development
- business reports
Example of a SWOT analysis
Below is an example SWOT analysis template with information and examples of what to include in each section.
|Factors to assess||Strengths||Weaknesses|
Include any information on any strengths, such as:
Include information on any weaknesses, such as:
|Factors to assess||Opportunities||Threats|
You should include growth opportunities, such as:
You should include any potential threats to your business, eg:
Advantages of a SWOT analysis
A SWOT analysis offers many benefits, including helping you to:
- understand the key issues affecting your business
- spot and deal with weaknesses
- minimise risks and deter threats
- capitalise on opportunities
- take advantage of your strengths
- develop business goals
- identify strategies for achieving your goals
A SWOT analysis is typically also low- or no cost, and relatively quick and simple to carry out.
Read about other types of strategic planning models.