What Is SWOT Analysis and How Is It Done?
Swot analysis helps you focus on your strengths, minimize threats and turn positive opportunities into advantages that are available to you.
It is a technique that helps you see the strengths and weaknesses of your business or yourself, as well as recognize and analyze opportunities and threats.
You can use SWOT analysis in all areas of life. It will provide great help in achieving success in many areas such as developing a project, aiming for your future career, bilateral relations, working life.
Strengths
Strengths in SWOT analysis; It plays an important role in revealing the success of businesses or individuals, following their development and developing new strategies. These are the questions to ask to discover strengths:
• What advantages do I have over my competitors?
• What are my individual talents and interests?
• Is the staff in my business meeting their targets for the projects?
• Have we reduced costs compared to previous years?
• Can we come up with new products or services that are open to innovation?
• Can we ensure customer satisfaction?
• Can we maintain the motivation of our personnel to work?
Weaknesses
Weaknesses; It reveals the issues that individuals or businesses lack. The questions to be asked in the weakness analysis are:
• What are the projects that I failed?
• In which departments of my business did the assigned tasks fail?
• What are the issues that we lack according to our competitors?
• Do the personnel have problems with regular working, time management and communication skills?
• Are the knowledge and skills of the personnel sufficient?
Opportunities
Opportunities; It is important for the development of the business and individuals. Questions to ask to uncover opportunities in SWOT analysis are:
• Is there a new way to increase our target customer base?
• How can we overcome the challenges of competitors?
• What issues should I focus on to develop the idea?
• What strategies can we develop to gain a wider market share?
Threats
Threats; It provides analysis of risks that individuals or businesses may face. These are external factors that can negatively affect a business or idea. It is actually the answer to how I can plan against these threats by asking the necessary questions. Questions to ask to be aware of threats in SWOT analysis:
• What obstacles may I encounter while offering a product or service?
• What are the problems competitors are experiencing? Will I experience the same?
• Am I keeping up with innovation? What happens if I don’t fit?
• Do I have future anxiety?
The more honest you are while evaluating the factors in the analysis, the better and more useful your results will be.
The most important reason for doing SWOT analysis is to achieve success in the best way. Doing a SWOT analysis before starting a start-up idea or any business can give you a lot of benefits. Identifying both your individual and business strengths related to the business or idea from the beginning will be your most reliable base in the process. If you identify your weaknesses completely transparently and accurately, it will enable you to easily find solutions for the threats that may come your way in the process. On the opportunity side of the analysis, you can create a chance to cover your strengths and weaknesses, and you can advance your idea or business in a more innovative and developing way with different thoughts. The threats part is kind of the pillar of the analysis. If you do not analyze the negativities and threats that may come your way and create ideas that can take action against it, unfortunately, your process may be negatively affected and it may have to end halfway through.
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