June 14, 2012 1 Comment
Here is a good video tutorial on how to put together a SWOT Analysis. SWOT stands for Strengths, Opportunities, Weaknesses, and Threats.
You want to gather information on Strengths and Weaknesses from customer and employee feedback. You want to learn and understand your capabilities, the resources you have and the processes you use.
Opportunities and Threats are external; you are looking for secondary data that tell you about your environment. Data that impacts your business and tells you something about your environment (mortgage rates, interest rates), industry data, and competitive data. Some customer feedback, primary data is collected that deals with these external elements.
You match up each element of SWOT to identify and form potential goals. An example is opportunities and threats; are there opportunities that can offset threats.
Watch the video as the presenter lays out the SWOT analysis model in an easy to understand format.