Answer-
By examining your business’s strengths, weaknesses, opportunities, and threats you may find a path to new growth that you never suspected.
What is a SWOT analysis?
A SWOT analysis is a strategic planning framework used to take a big-picture look at the internal and external factors impacting your brand and business.
The tool made its first appearance in the 1960s. It was created by Kenneth Andrews, William Book, C. Roland Christansen and Edmund Learned in their book Business Policy: Text and Cases.
“SWOT” stands for Strengths, Weaknesses, Opportunities, and Threats.
The first half of SWOT (strengths and weaknesses) addresses the internal factors within your business or brand that are working for and against you.
Opportunities and threats (the second half of SWOT) are, of course, the positive and negative external factors your brand must navigate through.
This kind of holistic, high-level thinking is valuable and necessary to ensure that you don’t get lost chasing after details that don’t deliver the return on investment your business needs to survive. This makes SWOT analysis a vitally useful tool.
When is SWOT the right tool…
A SWOT analysis isn’t appropriate for every small business decision you make throughout your day. The in-depth process would get in the way of moving forward in a timely fashion.
But, if you’re considering any large business decisions – like a new partnership, adding a new product line, offering a new service, big adjustments to internal policies, or adding a new position or department – then conducting a SWOT analysis before proceeding is a good idea.
You should also use this technique anytime you find your business stalling, a project fails, when you’re starting a new business, or you have unexpected success. Also, make sure you evaluate the project cost management involved in the project and forecast things accordingly.
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Finally, you should conduct a SWOT analysis anytime you consider making any significant changes to your brand or brand identity.
Your brand is made up of both your business’s authentic attributes, what your business chooses to present, and how your business is perceived by your audience. SWOT analysis surveys both internal and external factors – making it a perfect tool for examining the dual nature of branding.
The big-picture understanding that you gain through the SWOT technique can help guide you safely through change, challenges, and growth.
Who should do a SWOT analysis?
A proper SWOT analysis should involve a cross-section of your team. You want people who have different perspectives on the company and should include people from sales, marketing, product development, engineering, etc.
In fact, some companies even invite customers to participate in a SWOT analysis.
Importantly, while you should include others, company leaders and founders should be deeply involved in a SWOT analysis as they create the overall vision for the company.
How to do a SWOT analysis correctly
A SWOT analysis is not complex and does not take weeks to complete. It can be done in a matter of hours and should be done regularly (at least once every 6 to 12 months).
You simply list all of your business’s strengths and weaknesses along with all of the outside opportunities and threats that may impact your business.
But, as with most simple things, a SWOT can be tricky to execute well.
Here are some general guidelines for getting the most from the exercise.
Be organized. We recommend creating a 2×2 grid with each quadrant labeled with the appropriate heading. Then list the relevant items inside each quadrant. Use bullet points to keep your ideas concise.
This approach allows you to quickly assess your results at a glance.
Don’t rush. For a SWOT to be truly useful, it must be comprehensive. Plan to do some real research into your brand’s assets and liabilities, as well as external threats and opportunities.
If you don’t take the time to really look, you may miss important factors. And, it’s discovering these potential unknowns that provides the most value.
Be realistic. The goal of any SWOT analysis is to make better choices that are informed by a deeper understanding of your situation. You can only succeed if you’re actually honest about what your threats and weaknesses are, and what strengths and opportunities you have to combat them.
Internal: Strengths & Weaknesses
Your SWOT analysis should begin with an earnest look inward at your business and/or brand.
Objectively identifying your brand’s strengths and weaknesses allows you to capitalize on those strengths and improve or accept your weaknesses.
This perspective will allow you to lean into situations that your brand strengths will help you master.
Conversely, you can make informed decisions about what challenges or threats your business is ill-equipped to tackle.
We’ve shared a list of SWOT questions to ask later in this article to help you get started. But, you know your business better than anyone. Be sure to add additional questions and compile as complete a list of strengths and weaknesses as possible.
Then view all of these assets and liabilities strategically in relation to the opportunities and threats you discover in the next section.
External: Opportunities & Threats
Once you’ve reviewed your internal challenges and resources, it’s time to cast your gaze outward and create a list of opportunities and threats.
The world around you is full of threats and opportunities you may never have considered. This is your chance to get those unknowns on your radar so that your brand can act accordingly.
The opportunities and threats you identify can then be prioritized and reviewed through the lens of the strengths and weaknesses you’ve already identified.
Look for opportunities that mesh well with the assets your business possesses. And decide whether to meet a threat head-on or avoid it based on your likelihood of success with your current resources.
Check out our list of starter questions below. We hope they’ll give you a great jumping off point for your own SWOT Analysis. But, don’t forget to ask industry-specific questions for your field.
Questions that can help you conduct a SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
After the SWOT – what to do next
Gathering information is great. But, it’s what you can do with that information that’s truly worthwhile.
Once you’ve compiled all of your threats, opportunities, weaknesses, and strengths, it’s time to plan some action. How can you redirect your brand in a stronger direction using the new perspective you’ve gained?
The answer to that question is as unique as each individual business.
But, with your analysis complete, you’ll have the high-level perspective you need to make the best choices for your brand.
Strengths in the SWOT analysis of Walmart
Weaknesses in the swot analysis of walmart
Opportunities in the SWOT analysis of Walmart
Threats in the SWOT analysis of Walmart
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