SWOT is an acronym for Strengths, Weaknesses (internal to an organization) , Opportunities & Threats (external to an organization) and is a popular method for helping businesses take stock of their current situation and support decision-making.
The SWOT analysis process……
Step 1 – In the here and now… List all strengths that exist now. Then in turn, list all weaknesses that exist now. Be realistic but avoid modesty!
Step 2 – What might be…List all opportunities that exist in the future. Opportunities are your potential future strengths. Then in turn, list all threats that exist in the future. Threats are your potential future weaknesses.
These CONDUCTING A SWOT ANALYSIS questions will provide a basis for this analysis and will help greatly when brainstorming to thoroughly identify these strengths and weaknesses
Step 3 – Plan of action…Review your SWOT Analysis Grid with a view to creating a structured Action Plan to address each of the four areas. In your action plan remember to 1) Allocate timescales, tasks, people responsible, finances and 2) Build in a review process…when, who how…this is VITAL!
In summary; Strengths (maintain, build and leverage), Opportunities (prioritise and optimise), Weaknesses (remedy or exit), Threats (counter)
Good luck with your SWOT and dont hesitate to contact Orla on 086 3807802 or orla@ots.ie if you would like support to facilitate this process.
