This tool is a simple SWOT template used by entrepreneurs when undertaking strategic planning and thinking about their companies external and internal environments. Internally assessing a company’s strengths (S) and weaknesses (W) as well as external factors such as opportunities (O) and threats (T) forms the basis for a SWOT analysis. Included in this download is a sample SWOT template tool and a spreadsheet useful in organizing your work.
SWOT analysis is sometimes forgotten as a tool but its power is widely accepted. When you are preparing your business plan it can help you define the areas you should be reviewing in an orderly fashion and capture the thoughts of you and your team for strategic planning purposes.
Remember you will have to provide your backers and investors with a strategy on how you will spend the money you give them. A SWOT is the first step in creating your business strategy and plan that shows the direction you wish to take your business.
Although the SWOT analysis is a simple and straightforward tool is gets the juices flowing with regard to the external and internal forces at play in your business’s environment.
What weaknesses does your company have that are holding you back? Can they be fixed?
What is the business’s strengths and how can they be capitalized on?
What are some of the opportunities in the market both present and future should the company exploit?
What obstacles or challenges exist that the business should address and attempt to mitigate?
These are just some of the questions that can structure the inquiry needed in the formulation of business strategy.