Why you need a SWOT analysis

A SWOT analysis is a strategic planning tool used to assess the strengths, weaknesses, opportunities and threats of your business.

Developing a SWOT analysis can help you look at your business in a new way and from different directions. It can also help you to:

  • create or fine tune your business strategy
  • prioritise areas for business growth to achieve your business goals.

Download our SWOT analysis template

Our template can help you develop your SWOT analysis.

Complete your SWOT analysis

You can start the process by gathering a group of employees or advisors who have different perspectives on your business. If you don’t have employees, you can ask family members, business advisors or mentors. The key is to have different points of view.

Using the prompting questions below as a guide, you can conduct a brainstorming session to discuss ideas about each SWOT category. After brainstorming, create a final prioritised list of points in our SWOT analysis template. List the factors in each category from highest to lowest priority.

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Use your SWOT analysis

Once you have completed your SWOT analysis, it can be used to develop strategies for achieving your business goals. You can create a plan to continue building on your strengths while improving on your weaknesses. When using your SWOT analysis to create a strategy, ask yourself:

  • How can we use our strengths to take advantage of our opportunities?
  • How can we use our strengths to minimise our threats?
  • What do we need to do to overcome and minimise our identified weaknesses?