Step 3: Create Your SWOT Matrix
Now that you have narrowed down your lists, create a grid on a separate piece of paper with four quadrants labeled: Strengths, Weaknesses, Opportunities, and Threats.
Transfer your most impactful points from each list into the corresponding quadrants on the grid.
Step 4: Analyze and Strategize
Take a look at your completed SWOT matrix and identify any key patterns or trends.
Consider how you can leverage your strengths to take advantage of opportunities, mitigate your weaknesses to capitalize on opportunities, and defend against threats.
Develop specific strategies and action plans based on your analysis to address the challenges and opportunities highlighted in the SWOT matrix.
Step 5: Implement and Review
Implement your strategies and action plans, keeping track of your progress and adjusting as needed.
Regularly review and update your SWOT analysis to ensure that it remains relevant and useful in guiding your business decisions and strategies.
Step 1: Generate Four Lists
Divide a piece of scratch paper into four areas and label the areas: Strengths,
Weaknesses, Opportunities, and Threats
Brainstorm ideas and add bullets beneath each of the four sections
At this stage, your goal is to generate ideas and to add as many words as you can to each area, you will only be including the highlights from these lists in your final SWOT analysis.
Step 2: Narrow Your Lists
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Narrow the lists of strengths, weaknesses, opportunities, and threats to just two or three of the most impactful points for each quadrant.
Be sure to consider each aspect of your business relative to your competition. The SWOT analysis is a helpful tool to help a company look inward, but it is also a powerful tool for competitor analysis. How do your strengths and weaknesses weign against your potential competitors?
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