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SWOT analysis is a method of strategic planning, which is an analysis of factors influencing a company: strengths, weaknesses, opportunities, threats.
The entire work can be divided into two main stages. At the first stage, it is necessary to create a table and enter all the advantages, disadvantages, opportunities and risks regarding the organization. This table is usually called the SWOT analysis matrix.
Strengths and weaknesses refer to internal factors that can be influenced in some wordpress web design agency way (order processing speed, production costs). Opportunities and threats are external factors that the company cannot influence in any way (changes in the exchange rate, the emergence of new technologies).
At the second stage, after determining external and internal factors, a decision matrix is drawn up. It specifies actions aimed at eliminating potential threats and further development.
There are two types of SWOT analysis: complex and express method. The study can be performed by one person, for example, the manager, owner, co-founder, but if this work is done by a team of specialists, the result will be much better.
Experts say that this method should not be neglected and recommend conducting a comprehensive analysis once a year, and an express analysis quarterly.
To avoid any difficulties when filling out the matrix, it is important to clearly understand what each factor means.
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Strengths
To fill this cell, you need to identify the strengths of the product, team, organization that distinguish you from competitors. For example, low cost of products, innovative technologies, cooperation with influencers, etc. To make it easier to find advantages, you can ask the following questions:
What do customers like about your company?
What sets you apart from your competitors?
What technologies have been implemented that have improved production (reduced cost or production time)?
What does development and increased profits give to a company?
What were you faster at than your competitors?
Weaknesses
At this stage, it is necessary to identify all the factors that hinder development or make you weaker than competitors. This could be a delay in delivery, loss of orders, or employees' negligent attitude to work. To identify weaknesses, you should answer the following questions:
What do customers dislike?
How are you inferior to your competitors?
What errors were identified in business processes?
What obstacles arise when achieving your goals?
Opportunities
Opportunities are factors that cannot be influenced, but from which you can benefit if you make the right decision. These include social, political and technological factors. For example, to reduce the cost of production, large retail chains refuse to work with intermediaries in favor of manufacturers. Manufacturers of goods that quickly react to changes will have the opportunity to establish interaction first. Another example is new promotion methods. When the era of influencer marketing began, companies that quickly reacted to changes and began to cooperate with bloggers were the first to reap all the benefits, rapidly increasing the recognition of their products and increasing sales.
Threats
The final stage in compiling the matrix is identifying changes in the external environment that can negatively affect the company, but they cannot be prevented. For example, an economic crisis entails a decrease in sales. Potential buyers will reduce their expenses in order to preserve their savings, which means that the income of the organizations whose services they were forced to refuse will fall. If the management does not take any decisive action at this point, most likely, they will not exist for long.
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發表於 2024-11-7 18:59:40