SWOT is a tool for strategic analysis. It is used to analyze a company and the environment in which it operates.
According to Newman Library, information in a SWOT analysis is organized into internal and external factors:
1. An examination of the Strengths and Weaknesses of a company. This is an internal look at company operations used to identify what the company does well and where it needs to improve. It focuses on the current situation.
2. An examination of the external environment in which the company operates. This means identifying industry trends and outside forces that could pose Threats or provide Opportunities for the company. It focuses on the future.
Check out this infographic to learn how to perform a year-end analysis with SWOT:
Conducting a SWOT analysis is a powerful way to evaluate your company or project, whether you’re two people or 500 people. You’ll also see how you can use the data a SWOT exercise yields to improve your internal processes and workflows.
When compiling the results of your SWOT analysis, be sure to look for areas of crossover like this and see if it’s possible to seize an opportunity and reduce a threat at the same time.