A SWOT analysis is a tool that helps you prioritize and plan for the future. It can be used to examine any aspect of your business, from marketing to operations to finance.
A SWOT analysis is made up of four components: Strengths, Weaknesses, Opportunities, and Threats. You can use these components to analyze your company’s current position in the market and identify areas where you need to change or improve.
To conduct a SWOT analysis, start with a blank piece of paper (or open up a blank document on your computer). Then write down each component one by one on the page, starting with strengths and ending with threats. Next, fill in each component with as many examples as possible. If you’re having trouble coming up with examples for one particular category—say weaknesses—try brainstorming with your team members or asking others what they think are some of your company’s weaknesses.
Once you’ve completed this step, it’s time to look at how those components interact with each other. If there are any connections between them (for example, if one strength also happens to be an opportunity), then list those connections under each component that uses them.