A SWOT analysis is a strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities and Threats for your business. The analysis can be conducted for businesses, products, places, industries and individuals. It involves specifying an objective, and the SWOT analysis helps to identify the internal and external factors that are favourable or unfavourable for achieving the set objective.
When to use SWOT
A SWOT analysis can be used at different stages of achieving a specific goal. You can use it to:
- Identify possibilities for new pursuits or solutions to problems
- Make decisions about the best way forward by considering your opportunities and threats for success
- Decide where change is possible by considering your strengths and weaknesses
- Adjusting and refining plans as an opportunity might open new paths while threats could close a path that was previously worth pursuing
(Community Toolbox, 2018)
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Community Toolbox (2018). Section 14. SWOT Analysis. Available at: http://ctb.ku.edu/en/table-of-contents/assessment/assessing-community-needs-and-resources/swot-analysis/main