HOW TO DO A SWOT ANALYSIS
The SWOT clarifies a few important realities for the business owner: understanding your strengths, identifying weaknesses, taking advantage of opportunities and monitoring threats.
STRENGTHS AND WEAKNESSES
What are the main objectives of your strategy? Have you succeeded in achieving your strategic objectives? Why have you met, not met or exceeded your targets? Do your current products or services meet target-market requirements? How secure is your organisation’s financial position? Do your staff have the necessary expertise to meet your objectives? Is your organisation effective at communicating to the market? How effective are your management systems and processes? Is your organisation well structured and efficient, or overly bureaucratic? Does your management committee have the capacity/expertise to meet the demands of the organisation?
OPPORTUNITIES AND THREATS
Trends in your area of work or services and changes in demographics. New advances in technology applicable in your field. Competition from other or similar organisations in your area. Opportunities for developing a new area of work. Opportunities for extending services to a new market. Partnerships or collaborative working opportunities. Local authority policies and plans in your area. Legislation – for example, taxation and labour law regime changes. Global economic shifts. Market share redistribution by introduction of a new competitor.