SWOT Analysis looks at strengths and weaknesses, and the opportunities and threats faced by you, your client, your business, etc. It is a technique that enables a group or individual to move from everyday problems and traditional strategies, to a fresh perspective. The SWOT Analysis framework is a basic tool but the mastery of it is a fundamental requirement for Virtual Assistants.
Knowing how to make a SWOT analysis will be useful as framework for organizing and using data and information gained from situation analysis of internal and external environments. This technique is credited to Albert Humphrey. Funded by Fortune 500 companies, the SWOT analysis technique began at Stanford Research Institute with a research that lasted 10 years: from 1960 through 1970.
These are characteristics that give the subject an advantage over others in the industry. They should be positive, tangible, and intangible attributes that are internal, and include beneficial aspects or the capabilities of the subject.
These are characteristics that place the subject at a disadvantage relative to others.
Diminishes the subject from your ability to attain the core goal and influence its growth.
Factors that do not meet the standards we feel should be met. These are controllable factors that must be minimized and eliminated.
These provide the subject chances to make greater profits in the environment. External factors that represent the reason for an organization to exist and develop. These arise when the subject can benefit from the conditions in the environment, to plan and execute strategies. The strategies enable you, your client, your business, etc. become more profitable.
These are external elements in the environment that could cause you, your client, your business, etc. trouble. External factors are beyond your control and arise when conditions in external environment jeopardize reliability and profitability of organization’s business.
Knowing how to make a SWOT analysis will help decision makers share and compare ideas, and to bring clearer common purpose and understanding of factors for success. It also aims to help organize the important factors linked to success and failure, while also creating a decision making process that allows complex ideas to be presented systematically.
People need to undergo a SWOT Analysis in these example situations:
Departments need to undergo a SWOT Analysis in these example situations:
Companies need to undergo a SWOT Analysis in these example situations:
A SWOT Analysis can be used for or during:
Analyze internal and external environment by performing a Situation Analysis. For the internal environment, analyze weaknesses and strengths. For the external environment, analyze opportunities and threats.
Once the SWOT Analysis has been completed, mark each point with:
Pay close attention to any patterns, correlations and connections in your SWOT Analysis. The main goal is to carefully divide them up and figure out how your strengths can open up further opportunities, and what perspectives might present themselves when all weaknesses are eliminated.
As a last step, use the SWOT Analysis to prioritize your ideas, come up with an actionable plan, and take the world by storm with unbounded confidence.
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