BRITEguides give you ways to understand different models and theories. Within this post, we are going to look at a SWOT analysis or something which is commonly now called a SWOC analysis.
It is essential to understand that SWOT stands for strengths, weaknesses, opportunities and threats – or challenges if you are going to replace the t with c! This analysis is a strategic tool which allows people to understand what is working well, what is not going so great and what are the more pressing challenges and opportunities which are up and coming in the business.
The model doesn’t have to be used and demonstrated on the whole business; it can also be used on a single person (including yourself), a team a department or a project. A SWOT analysis is a useful tool which can be brought out and implemented throughout the year or project – especially to reflect as this allows managers to understand what has worked well and were the weak areas in the organisation can still lie.
Below is an example of a SWOT analysis which has been developed for a business which is about to export its services for the first time. You can see that a SWOT analysis is often just completed in bullet point format; however, a manager would often elaborate more about the findings of the analysis afterwards.
You can learn more about the SWOT analysis and other models within a free strategic planning course which is available as part of BRITEthink’s free online membership – Access this here https://britethink.co/product/britermembership/