SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in an intended strategy,project or in a business venture.
It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who presided a convention at Stanford University in the 1960s and 1970s using data from Fortune 500 companies.
Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organisation
Strengths: characteristics of the business, or project team that give it an advantage over others
Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others
Opportunities: external chances to improve performance (e.g. make greater profits) in the environment
Threats: external elements in the environment that could cause trouble for the business or project
Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs.
First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated.
Users of SWOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, opportunities, weaknesses, and threats) in order to maximise the benefits of this evaluation and find their competitive advantage.
Matching and converting
One way of using SWOT is matching and converting. Matching is used to find competitive advantages by matching the strengths to opportunities. Converting is to apply conversion strategies to convert weaknesses or threats into strengths or opportunities. An example of conversion strategy is to find new markets. If the threats or weaknesses cannot be converted a company should try to minimise or avoid them.
Use of SWOT analysis
The usefulness of SWOT analysis is not limited to profit-seeking organisations. SWOT analysis may be used in any decision-making situation when a desired end-state (objective) has been defined. Examples include: non-profit organisations, government units, and individuals. SWOT analysis may also be used in pre-crisis planning and preventive crisis management. SWOT analysis may also be used in creating a recommendation during a viability study/survey.
Peter Cobbe coaching
For a free exploratory discussion contact me – firstname.lastname@example.org
NOW ACCEPTING NEW CLIENTS : Coaching via Skype / Facetime / 1 to 1 meetings
My career experience includes HR Director and senior executive roles in Barclays plc and Tesco plc leading major transformation and complex change programmes reporting at Board level .I have an MBA, BA and I am a member of the CIPD and Association for Coaching. I am an accredited coach with over 12 years of private client coaching experience and as an associate consultant with Penna (UK) dealing with career, life,executive and business coaching and counselling. I work in mentoring and coaching partnerships with executives to help achieve gains of importance to them.I help people of all ages, different cultures and job levels to understand more about themselves, their impact on others and how to develop across major dimensions in life.
I respect the integrity and confidentiality of my clients building on their existing great skills and abilities and evolving enhanced self guidance : ” No one in the world was ever you before, with your particular gifts and abilities and possibilities.”
Specialties: Holistic / systemic approach to coaching
Remote coaching via Skype and Apple Facetime
Coaching for Executive performance /High Potential including C level
First 100 days
Career Coaching/portfolio lifestyle
Coaching for powerful presentations
Executive advice on staff insight surveys
Facilitating key meetings and C- level strategic retreats engaging around people decisions that flow from business choices
Business/HR Strategy ,Change Leadership
Independent Consulting propositions coaching
Non Executive director coaching
Business Report/White Paper writing
Graduate career coaching