What is a SWOT Analysis?
SWOT, sometimes called situational analysis, is a tool ​that enables you to delve deep into the external and ​internal elements that affect your business or project. It's ​used in research, planning, evaluation, and decision-​making. SWOT stands for the following:
- Strengths - internal features that enable success
- Weaknesses - internal features that need ​improvement
- Opportunities - external factors that work to your ​advantage
- Threats - external factors that pose as obstacles
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Make informed decisions and come up with better strategies by identifying the strengths and vulnerabilities of your brand
What sets us apart?
What are our best offerings?
In which aspects are we leading?
Where are we lacking?
What are obstacles to
our growth?
Strengths
Weaknesses
Threats
What are our vulnerabilities?
What causes change
in demand?
Opportunities
Who are our new competitors?
What processes can be improved?
What does the market want?
Who else can we reach?
What new technologies can we adopt?
Example: SWOT analysis for a small cafe
Products are high-quality and more affordable
than most
Location produces plenty of foot traffic every day
Trendy packaging is memorable and appeals
to all demographics
Strengths
Staff needs more training
Lacking in social media presence
Threats
Opportunities
Growing community of coffee drinkers and enthusiasts in the area
Increasing interest from potential third-party partners
Weaknesses
Strong competition from more established cafes and restaurants
