SWOT ANALYSIS

Michael Di Girolamo

Module 3
 SWOT Analysis

■ A SWOT analysis is a strategic planning tool that helps a business owner identify his or
her own strengths and weaknesses, as well as any opportunities and threats that may
exist in a specific business situation.
■ A SWOT analysis is most commonly used as part of a marketing plan, but it is also a
good tool for general business strategizing, and to use as a starting point for team
discussions.
■ When conducted thoroughly, a SWOT analysis can uncover a wealth of information,
and can be useful in a number of situations
Using a SWOT Analysis Matrix:
■ A SWOT matrix is usually depicted as a square
divided into four quadrants.
■ Each quadrant represents one element of the
SWOT analysis
– Strengths,
– Weaknesses,
– Opportunities,
– Threats.
Questions to ask during the process:
■ The easiest way to start filling in each quadrant in the matrix above is by
answering a series of questions.
■ Use the following list to get started, focusing on the questions that are
most relevant for your business and current situation
Strengths:
■ For this quadrant, think about the attributes of yourself and your
business that will help you achieve your objective. Questions to
consider:
– What do you do well?
– What are your unique skills?
– What expert or specialized knowledge do you have?
– What experience do you have?
– What do you do better than your competitors?
– Where are you most profitable in your business?
Questions to ask during the process:
Weaknesses:
■ For this quadrant, think about the attributes of yourself and your
business that could hurt your progress in achieving your objective.
■ Questions to consider:
– In what areas do you need to improve?
– What resources do you lack?
– What parts of your business are not very profitable?
– Where do you need further education and/or experience?
– What costs you time and/or money?
Questions to ask during the process:
Opportunities:
■ For this quadrant, think about the external conditions that will help
you achieve your objective.
■ Questions to consider:
– What are the business goals you are currently working
towards?
– How can you do more for your existing customers or clients?
– How can you use technology to enhance your business?
– Are there new target audiences you have the potential to reach?
– Are there related products and services that provide an
opportunity for your business?
Questions to ask during the process:
Threats:
■ For this quadrant, think about the external conditions that could damage
your business's performance.
■ Questions to consider:
– What obstacles do you face?
– What are the strengths of your biggest competitors?
– What are your competitors doing that you're not?
– What's going on in the economy?
– What's going on in the industry?
 Using Data Compiled in a SWOT
Analysis:
■ One of the most important parts of your SWOT analysis is using the data you compiled
to identify new strategies and goals for your business.
■ For example, you can:
– Create a plan to build up your strengths even more
– List ways you can work on building up your weaknesses
– Set SMART goals for each of the opportunities you identified
– Devise a plan to use your strengths to decrease the threats you identified
 Then…
■ look for ways to combine data from different quadrants in even more ways:
– Explore how you can combine your strengths and opportunities to develop new
strategies
– Try combining strengths and threats to identify threats you can eliminate
– Look at your weaknesses and opportunities to create a list of areas ready for
improvement
– Make a list of areas to avoid that fall under weaknesses and threats
 On a side note…Important Information ☺

■ Some important information that is not important to this course but that you might want
to know…
– Show PDF
– Home page: http://www.registreentreprises.gouv.qc.ca/en/default.aspx
– Register an Enterprise:
http://www.registreentreprises.gouv.qc.ca/en/demarrer/immatriculer/
– Registration Procedures:
http://www.registreentreprises.gouv.qc.ca/en/demarrer/immatriculer/formalites_im
mat.aspx
 Conclusion
■ Once you understand how to compile your SWOT data and find ways to
use it strategically, the SWOT analysis will be a tool that you can use
over and over in your business to explore new opportunities and improve
your decision-making process