What do the letters swot stand for

To perform your SWOT analysis effectively, it is crucial to:. So you see, the end result of SWOT analysis is not just a grid or matrix but rather a brief report comprising SMART goals and activities that need to converse to your stakeholders. In short, to win the business war, you must identify your weaknesses and threats and turn them into your strengths and opportunities.

A regular SWOT analysis would not only help your business flourish but also reduce or eliminate the factors causing hindrance in your way to success. Sarsby, A. Tell us what you think? Did you find this article interesting? Share your thoughts and experiences in the comments section below.

What does SWOT stand for? External factors in SWOT analysis are: Opportunities Threats Strengths Strengths are your internal traits and resources that help you get a successful outcome. While determining your strengths, you may consider the following questions: What is it that you do better than your competitors? Your unique skills? Factors that increase your sales? What are you specialized in? Weaknesses Done identifying your strengths?

Areas of your business that need improvement? What can you avoid? Factors that decrease your sales? What resources do you lack? Which department needs more experienced or skilled resources?

What costs you more money and time? Opportunities For this element, evaluate the external state of affairs that will enable you to attain your objectives.

Consider the following questions while examining your opportunities: What can be used to improve your business? How can technology improve the outcomes? But you can also create opportunities from weaknesses. Whatever you have written in your weaknesses list, you can spin into a positive. Whether you use them or not is up to you.

They have the potential to hurt your business or product. But they also can appear out of nowhere. A threat can be a lack of funding for a new project. It threatens the entirety of the project before development even starts. Or it can stem from weaknesses that are left unattended.

Consider threats internally and externally. Governmental » US Government -- and more Community » Religion. Community » Educational. Governmental » US Government. Governmental » Military. Governmental » Environmental. Business » General Business. Computing » General Computing.

Miscellaneous » Unclassified. Medical » British Medicine. Community » Schools. Business » General Business -- and more We're doing our best to make sure our content is useful, accurate and safe. If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly.

Forgot your password?