SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Strengths and Weaknesses are internal factors and Opportunities and Threats are external factors.
A SWOT diagram analyzes a
project or business venture by focusing on each of these factors. It typically
consists of four boxes, one for each area, but the exact shape may vary
depending on the design.
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SWOT diagrams can be especially useful when
trying to decide whether or not to embark on a certain venture by determining
if the pros outweigh the cons. By clearly outlining all positives and negatives
concerning the project, it will be easier to decide whether or not it is really
worth it.
Best Practices:
Determine the objective: Decide on a key
objective to analyze and place it at the top of the page.
Create a grid: Draw a large square, then
divide it into four smaller squares.
Label each box: Write the word
"Strengths" inside the top left box, "Weaknesses" inside
the top right box, "Opportunities" within the bottom left box, and
"Threats" inside the bottom right box. These are titles, so they
should be distinguished from the rest of the text to be put in the boxes using
color and font. SmartDraw offers several SWOT diagram templates designed to
make construction quick and easy.
Fill the diagram: Add factors that affect
the project to the box to which they apply. Factors are typically listed with
bullets.
Label the grid: On top of the top left box
write the word "Positive." Both boxes beneath, "Strengths"
and "Opportunities," are positive for the company. On top of the top
right box write "Negative." Both boxes beneath it contain negative
effects to the company. Along the side of the top right box write the word
"Internal." Both "Strengths" and "Weaknesses"
pertain to the abilities and resources within the company. Next to the bottom
left box write the word "External." "Opportunities" and
"Threats" are both generated by the outside world.
Draw conclusions: Analyze the finished SWOT
diagram. Be sure to notice if the positive outcomes outweigh the negative. If
they do, it may be a good decision to carry out the objective. If they do not,
adjustments may need to be made, or else the plan should simply be aborted.
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