The SWOT analysis is a basic method for identifying your organization’s strengths, weaknesses, opportunities, and threats. The SWOT matrix is useful for strategic planning and project management. This exercise allows you to examine both external and internal elements affecting your business and capitalize on those that can assist your corporation in staying ahead of competition and planning for growth.

Your SWOT could be created with an Excel or Word template, but Xtensio’s free SWOT template gives you the freedom to explore the matrix visually with moveable modules and the ability to add images, videos, charts and graphs. This allows you to see company internal and external factors more clearly and outline a well-define strategy for the next steps.

You can conduct a simple SWOT analysis for many different objectives, but defining the objective is the first step in conducting an effective SWOT analysis. You can use the analysis to make sure your company is aligned with your growth goals, or to evaluate individual projects within a single department.

You should assemble a group of people from various departments inside your firm to ensure that you have representatives from all sectors of the business and all goods. Each group will have wholly distinct perspectives that are crucial to the success of your SWOT study.

Doing a SWOT analysis is like company brainstorming meetings, and there are right and wrong ways to run them. With Xtensio’s template, everyone can add their notes at their convenience and everyone will be in sync as it comes together.

Steps to inspire your analysis brainstorm:

Strengths and weaknesses are internal factors — these are things that you have at least some control over. Examples may include your product patents, intellectual property, technologies and resources, your location, your team. These factors should also highlight what your team and/or product does better than your competitors and things that your company lacks.

External factors are opportunities and risks that occur outside of your organization and in the bigger market. Opportunities can include a lack of competition in the area or a rising need for your product. Rising material prices and new competitors joining the market are two examples of dangers. You can seize opportunities and defend against threats, but you can’t change them.

Yes. SWOT Analysis may not cover specific aspects of your strategic approach, or it may not be the best match for your business philosophy. We are curating some SWOT Alternatives to do business in a changing world.