SWOT analysis is used to understand the areas of strength, weakness, opportunity and threat.
The purpose of a SWOT Analysis is to identify the key areas which are currently causing concern as well as those that work particularly well. This then can provide some insight into areas of opportunity to make improvements.
It is beneficial to consider SWOT from both an internal and external perspective.
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Hints & Tips
- Start by identifying the objective for analysis
- Use the team to help identify the strengths and weaknesses involved in achieving the objective.
- It is important that your SWOT analysis is evidence based.
- Consider each point identified to understand whether or not it can be turned into new opportunities.
- To gather more details about the ‘bigger picture’ consider using PESTLE analysis which stands for:
Political, Economic, Sociological, Technological, Legal, Environmental.