Customise your SWOT analysis by completing LawDepot's questionnaire. Using our template will guarantee you complete all the required steps:
Step 1: State the type of business
Start your SWOT analysis by indicating whether the document is for a new business or one that already exists.
Step 2: State the name of your company
Ensure your SWOT analysis includes the name of your company.
Step 3: Create a list the company’s strengths
Brainstorm a list of your company’s strengths. Consider internal factors that will make your company grow.
Some examples of strengths you might want to include in your list are:
- Unique product or service
- Good profit margin
- Loyal customer base
- Ideal location for the target market
- Experienced and effective team
Step 4: Brainstorm a list the company’s weaknesses
Create a list of all your company’s internal weaknesses for your SWOT analysis.
Ask yourself which areas of the company need improvement or what advantages do your competitors have that you do not? Maybe your business is in a poor location or its reputation is damaged. Perhaps your employees lack the proper skills or expertise.
Include anything that may cause your business to face adversity.
Step 5: Make a list the company’s opportunities
Make a list of your company’s opportunities. Think about external factors that can help your business succeed.
Some questions you can ask yourself when making your list include:
- Do my competitors have any weaknesses that I can benefit from?
- Are there opportunities for partnerships or affiliates?
- Are there emerging trends that my company can capitalise on?
- Is there sufficient demand to expand my market share?
- Are there changes in technology that my company can take advantage of?
- Are there any government policies that could positively affect the business?
Step 6: List the company’s threats
Finish your SWOT analysis by listing any external threats to your business that may harm it or cause it to fail.
Some examples of threats include:
- Inflation or financial issues
- Tight labour market
- Rising costs of materials
- Increasing number of competitors
- Data breaches and other cyber risks