List external factors that could be a threat or cause a problem for your business. Opportunities could include new technology, training programs, partnerships, a diverse marketplace and a change of government. Keep this in mind, but for the SWOT analysis, the same item shouldn't be listed as both an opportunity and a threat. you may consider introducing a new product to keep up with consumer trends, but your competitors may already have a similar product). These are not the same as your internal strengths, and are not necessarily definite – an opportunity for one aspect of your business could be a threat to another (e.g. Think about the possible external opportunities for your business. List potential opportunities for your business While you may find new weaknesses, the fact that the old ones are gone is a sign of progress. When you review the SWOT analysis after a year, you may notice that your weaknesses have been resolved. The list of weaknesses can indicate how your business has grown over time. Make sure you address the weaknesses raised in your SWOT analysis. Weaknesses could include an absence of new products or clients, staff absenteeism, a lack of intellectual property, declining market share and distance to market. that put your business at a disadvantage to others). List things in your business that you consider to be weaknesses (i.e. Examples could include strengths relating to employees, financial resources, your business location, cost advantages and competitiveness.Īt this stage of the SWOT analysis, the list does not need to be definitive. The first step is to identify and list what you think are your business's strengths.

Also conduct some market research and find out about your competitors. Get a range of perspectives by talking to your staff, business partners and clients. Research your business, industry and marketīefore you begin the SWOT analysis you need to do some research to understand your business, industry and market. For example, you could use a SWOT analysis to help you decide if you should introduce a new product or service, or change your processes. To get the most out of your SWOT analysis, you should have a question or objective in mind from the start. Decide on the objective of your SWOT analysis Use the following 8 steps to conduct a SWOT analysis. If it would, then it's an external factor (e.g. To work out if something is an internal or external factor, ask yourself if it would exist even if your business didn't. You can use this information in your business planning to help achieve your goals. A SWOT analysis is a tool for documenting internal strengths (S) and weaknesses (W) in your business, as well as external opportunities (O) and threats (T).

Swot analysis of government department