SWOT is a management tool used for strategic analysis. It helps you see where you are currently as a business.
SWOT is an acronym standing for four words:
- S – Strengths: you look into your own company. What are your internal advantages, and what are your strong sides?
- W – Weaknesses: again, you look into your own company. What are your internal disadvantages, and what are your weak sides?
- O – Opportunities: you now go externally; you look beyond your company, into your environment. What trends can affect positively your business?
- T – Threats: again, you look into the environment of your company. What trends can affect negatively your business?
When you do a SWOT analysis, it is good to use a graphical presentation so that you can see all the important factors affecting your strategy in one place:
After completing the SWOT analysis, you need to set up your strategy.
When preparing your strategy, you need to answer the following question:
‘’How to use my strengths (S) and cope with my weaknesses (W) to maximize my opportunities (O) and minimize my threats (T)? ‘’
SWOT analysis of an accounting firm – example
Let’s fill – in a SWOT analysis of an accounting firm (hypothetical one) as an example:
SWOT analysis for consulting firms – example
Let’s fill – in a SWOT analysis of a consulting firm (hypothetical one) as an example:
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