Strengths, weaknesses, opportunities and threats – these four pillars make up our SWOT Analysis and will help you approach and overcome different business challenges as they arise.
It’s a ‘living’ tool that can be adjusted as business needs and external influences change. Once you understand the issues at hand, you can better prepare yourself – and your staff – for the next steps.
- Clarify the issue: Keep things simple. Start with a single-sentence explanation of any issues or challenges in the workplace.
- SWOT it: Dive deep into the issues with a thorough analysis of all four SWOT pillars, returning to each of them throughout the process to revise any major points.
- Formulate a plan: Devise a plan for the next steps and arm your troops with assigned tasks.
- Review regularly: Keep the system alive by constantly reviewing the SWOT analysis and updating points as more information comes to light.
