Business Category Business: career motivation and tips to move ahead

How to write a SWOT analysis

A SWOT analysis is an important part of any marketing or business plan. The "SWOT" in this type of analysis stands for Strengths, Weaknesses, Opportunities and Threats.

When done properly, this analysis not only helps you assess the current market outlook, it can also help your company overcome barriers of entry and other problems. Here's how to write a SWOT analysis for your company.

Lay out all the strengths your company possesses that will make your product launch a success. This could include things like a good management team, financial backing or a history in the field. It's basically anything that would help your business become successful.

Evaluate your weaknesses. This is one of the hardest parts of a SWOT analysis, but it's one of the most important. In this section, you need to identify problems that could cause you to fail. Perhaps you see a lot of employee turnover, or your business lacks the funds and brand awareness to compete with bigger firms.

Look for the opportunities available to you. This section of your SWOT focuses on the things that you could use to get ahead. If you're selling widgets to customers and you notice that there's a lot of competition between your suppliers, you may be able to cut a deal to get the widgets cheaper. This would let you sell your product for less than your competition's.

Learn about the threats to your success. An economic recession poses a threat to almost every industry, while an airplane crash would be a threat mainly to the airline industry. This section covers anything outside your company that could cause you to fail in business.

Wrap it up. Once you've identified your strengths, weaknesses, opportunities and threats, put it all together and look to the future. Focus on the opportunities section, and decide how your company will proceed to succeed in future endeavors.