The SWOT Analysis, developed in the 1960s at Stanford University, is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture. It considers internal and external factors that are favorable and unfavorable to achieve the business objective.
Early Greek philosophers summed up the desired results of this process in two words, “Know Thyself.”
Below is a questionnaire to stimulate your thinking, combined with a worksheet to perform a SWOT Analysis on your company. Ideally, you will match your strengths against market opportunities that result from your competitors’ weaknesses or voids.
Take an hour or so to do this important exercise. Re-evaluate your business at least annually.