How To Make A SWOT Analysis Effectively As A Virtual Assistant

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 mastery is a fundamental requirement for Virtual Assistants. 

Knowing how to make a SWOT analysis will be useful as a 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 research that lasted ten years: from 1960 through 1970.

How to make a SWOT Analysis

SWOT is an acronym for:

• Strengths (Internal Environment) 
• Weaknesses (Internal Environment) 
• Opportunities (External Environment) 
• Threats (External Environment) 

Strengths

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.

Examples:

• Well-known brand name
• Vast financial resources
• Lower costs
• Superior management team
• Quality marketing skills
• Good distribution skills
• Committed employees

Weaknesses

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. 

Examples:

• Limited financial resources
• Narrow product line
• Higher costs
• Out-of-date products or technology
• Weak brand image
• Limited management skills

Opportunities

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. 

Examples:

• Rival companies are complacent
• Changing customer needs or tastes
• New uses for product discovered
• Economic boom
• Sales decline for a substitute product

Threats

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 the external environment jeopardize the reliability and profitability of the organization’s business. 

Examples:

• Introduction of new substitute products
• Product lifecycle in decline
• Changing customer needs or tastes
• Rival companies adopt new strategies
• Economic downturn

Aim of SWOT Analysis

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.

Who needs to know how to make a SWOT Analysis?

Person

People need to undergo a SWOT Analysis in these example situations:

• If supervisor has issues with work output
• Assigned to a new job
• New financial year with fresh targets
• Improve job performance

Department

Departments need to undergo a SWOT Analysis in these example situations:

• When the team has not met its targets
• Customer service can be better
• New team leader is appointed

Company

Companies need to undergo a SWOT Analysis in these example situations:

• When revenue, cost, and expense targets are not being achieved
• Market share is declining
• Unfavourable industry conditions
• Launch of new business venture

When to use a SWOT Analysis? 

A SWOT Analysis can be used for or during:

• Workshops
• Brainstorm meetings
• Strategic Planning
• Product Evaluation
• Competitor Evaluation
• Personal Development Planning
• Decision Making
• Product Launch
• Changing Jobs

How to conduct SWOT Analysis?

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. 

Perform SWOT Analysis and document

• Establish the objectives: The purpose of conducting a SWOT may be general or specific.
• Select contributors: An expert opinion may be required for SWOT. 
• Allocate research and information gathering tasks: Background preparation can be carried out in two stages, exploratory and detailed. Information on strengths and weaknesses should focus on the internal factors. 
• Create a workshop environment: Encourage an atmosphere conducive to the free flow of information.
• Evaluate listed ideas against objectives: With the lists compiled, sort and group facts and ideas in relation to the objectives. 
• List strengths, weaknesses, opportunities, and threats. 
• Carry your findings forward: Make sure the SWOT is used in subsequent planning. Revisit findings at suitable time intervals. For example, once per quarter or twice per calendar year. 

Prepare action plans

Once the SWOT Analysis has been completed, mark each point with:

• Things that must be addressed immediately
• Things that can be handled now
• Things that should be researched further
• Things that should be planned for the future

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 the 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.

Did you like our post on how to make a SWOT analysis? Did you use any of these tips, or have others you think are helpful? Follow CanScribe on Instagram to share your thoughts and ideas with us!

CanScribe is committed to offering excellence in education. As a leader in online training, we hold true to our core values of integrity, honesty, and empathy. We facilitate the achievement of ambitions and goals to empower people in their professional and personal lives. CanScribe supports programs and initiatives, both locally and internationally, positively impacting the world around us.