Performing a SWOT analysis involves a systematic approach to identifying and evaluating each of the four components:
Strengths
Strengths are the internal attributes that give an organization an advantage over competitors. Questions to consider:
What are our core competencies?
What resources do we have that are unique or superior?
What do our customers perceive as our strengths?
Weaknesses
Weaknesses are internal factors that limit an organization's ability to achieve its objectives. Questions to consider:
Where do we lack resources or capabilities?
What areas do our competitors outperform us in?
What do our customers perceive as our weaknesses?
Opportunities
Opportunities are external factors that an organization can exploit to its advantage. Questions to consider:
What market trends can we capitalize on?
Are there emerging markets or customer needs we can serve?
What partnerships or alliances can we form?
Threats
Threats are external factors that could harm an organization's performance. Questions to consider:
What are our competitors doing that could impact us?
Are there regulatory changes that could affect our business?
What economic or market conditions could pose a risk?