SWOT Analysis

Question 1

What does SWOT stand for?

Answer 1

Strengths
Weaknesses
Opportunities
Threats

Question 2

Who is the SWOT analysis created for?

Answer 2

Created for your business by you.

Question 3

What does a SWOT analysis do?

Answer 3

Allows you to uncover areas of business that are holding you back, or where competitors could exploit you.
Also shows areas of improvement or opportunity

Question 4

What does the S in SWOT stand for/mean?

Answer 4

Strengths - Things your organization does well, or distinguishes you from competitors
Advantages you have over competitors

Question 5

What does the W in SWOT stand for/mean?

Answer 5

Weaknesses - inherent feature of your organization - should focus on your people, resource/resource acquisition, procedure, systems

Question 6

What does the O in SWOT stand for/mean?

Answer 6

Opportunities - openings or chances for something positive to happen- but you need to claim them
Are normally situations/opportunities outside the organization that you can take advantage of. Eye is to the future

Question 7

What does the T in SWOT stand for/mean?

Answer 7

Threats - Anything that can negatively affect your business from the outside - supply chain problems, shifts in market requirements, staffing shortage, etc.
Vital to anticipate these threats before you become a victim of them

Question 8

What are the biggest mistakes made when developing a SWOT analysis?

Answer 8

1. Making lists too long
2. Being too vague
3. Not seeing any weaknesses
4. Not thinking ahead/into the future
5. Being unrealistic