What is SWOT analysis?
SWOT is a classic analysis tool that helps determine the strengths and weaknesses of a company, potential external threats, and possible ways to further develop the company. The most important thing is that the analysis is helpful in determining the relationships between the components of the SWOT matrix. Furthermore, SWOT analysis is an approach that is widely used for different fields, from education to business purposes.
SWOT analysis focuses on 4-block sets of letters included in the acronym, such as internal factors, Strength and Weakness, and external factors, Opportunity and Threat. The main part is located at the intersection of blocks, and it means: develop strengths (SO), strategies to minimize weaknesses (WO), strategies to prevent threats (ST), strategies that help to track potential dangers (WT).
When SWOT analysis can be used?
- Explore opportunities for new businesses and products.
- Make decisions about the best way to launch a product.
- Determine what you can change in an existing business. Evaluation of your strengths and weaknesses can reveal
priorities as well as possibilities.
- Learn how to unlock the potential of your firm in a short period of time.
- Learn how to use strengths in order to develop opportunities.
When you use RealtimeBoard to make a SWOT analysis, you can:
- Type comments and mention colleagues to get their quick feedback.
- Provide your team and all stakeholders with real-time access to your SWOT analysis by allowing them to be on the
page, anytime and anywhere.
- Use sticky notes, shapes, upload docs and download your SWOT analysis to make or print a presentation.
- Integrate with DropBox or Google Drive to add documents and images to support your point of view.