How to do a SWOT step by step
Creating a SWOT analysis is quite simple. It is a process similar to brainstorming, only that it is done in relation to the commented aspects.
A mistake made by many companies is to perform SWOT analysis without first having a clear objective. Not only do we perform a SWOT analysis to “know” the current situation of our company, but we do it to improve a specific aspect, increase sales, launch a new product, … Knowing the reason will help us to know which aspects are positive or negative in relation to the objective. It is also possible that the same idea appears in more than one point.
From there you just have to sit down and fill in the SWOT template, which is nothing more than a box with four sections where you can include the data.
The first thing we need to look at is the current situation of the environment. It will help us to know if our company (or analyzed product) is up to the task, where it is and we can better visualize the current situation.
Then we will begin with the internal analysis. That is, we will analyze the Weaknesses and Strengths. We must study each aspect of the object to be analyzed. If it is a company we will analyze its departments, if it is a product all its qualities,…
Once we are clear on these points, we must move on to analyse the external aspects: Threats and Opportunities. Knowing the environment of the object to be analysed (company, new project, product, company personnel, etc.) will give us the key information to finish our analysis.
We can assign a rating to the idea of each point, to get a less subjective view. So, with the calculation of the total score, see in which aspect we have more points. It will help us to see where we can focus the strategies.
We can decide, to assign a score from 1 to 10 (for example), how important or what impact each idea of each point has in relation to the objective by which the SWOT is carried out.
It will be a good option to know which strategies to focus on.