“Good design is good Business.” – Thomas Watson
What goes on in the inside, shows on the outside. Running a good business requires both, a better inside and out. Analyzing factors that impact these are easy with a tool called SWOT.
What is a SWOT analysis?
Imagine your business is running good, but you’re unaware of the oncoming risk. That’s where SWOT analysis comes into picture. SWOT, a mnemonic for Strengths, Weakness, Opportunities, Threats. It in-tails both Internal as well as external factors. It is a framework for organizing and using data from information collected from a situation analysis.
Let’s Break it down
STRENGTH –
- Characteristics that prove an advantage over others
- Positive, tangible and intangible attributes that are internal to an organisation.
- Aspects such as human/ financial resources, goodwill, products and services, feedback, brand loyalty.
WEAKNESS-
- Characteristics that prove a disadvantage when compared to others
- Factors that do not meet expected standards
- Influences growth and detracts from attaining goals
- However, controllable, minimized and eliminated.
OPPORTUNITIES-
- External attractive factors
- Chances for greater profits, existence and development
- Should be carefully analysed and grasped
THREATS-
- External factors beyond organisations control
- Jeopardize profitability and goals of organisation
- Multiply vulnerability
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