SWOT analysis 

SWOT analysis. Where can you use SWOT analysis? What is SWOT? How to get started with your SWOT analysis? We will work through an easy to understand SWOT example, and most importantly: learn how not to be lame!
⏱️TIMESTAMPS⏱️
0:00 Introduction to SWOT analysis
0:19 How to use SWOT analysis
0:54 What is SWOT
1:43 Starting a SWOT analysis
2:18 SWOT analysis example
5:10 SWOT and voice of the customer
7:00 SWOT matrix
7:36 SWOT analysis payoff
SWOT analysis is a tried-and-tested technique to build awareness of where you currently are, and then take action to move ahead. You can make SWOT analysis part of your plans to start a new business venture. You can apply it to an existing business. Go a level below the total company and perform a SWOT analysis for a business unit, product, functional department, or project. You could also apply SWOT analysis to a competitor, use it for a not-for-profit organization like a charity, or get personal and apply SWOT analysis to yourself!
What is SWOT? SWOT is an acronym for the four parameters in the tool: a SWOT analysis identifies strengths, weaknesses, opportunities, and threats. In the SWOT matrix, S and W are internal, they relate to you and your abilities (strengths) or lack thereof (weaknesses). O and T are external, they come from the outside, in the form of opportunities you can use to achieve better results, or threats that could cause trouble. Strengths and Opportunities are positive and joyful, you want more of these, you want to maximize them, make them stronger. Weaknesses and Threats are negative or painful, you want to minimize them, mitigate their impact.
To get started with a SWOT analysis, you need good questions that spark an intense conversation. For strengths: what are we great at, how are we unique and special, what advantages do we have that others don’t? For weaknesses: where do we do poorly, where are we behind, where do we need to improve? For opportunities: where is the potential, where can we grow and expand, which trends could benefit us? For threats: what could hurt us, what could put us out of business?
Let’s perform a #SWOT analysis for the local Muscle Power Gym. Meet the friendly gym owner, Diego! We are going to help him work through the strengths, weaknesses, opportunities, and threats for his business.
Philip de Vroe (The Finance Storyteller) aims to make accounting, finance and investing enjoyable and easier to understand. Learn the #business and accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better investing decisions. Philip delivers #financetraining in various formats: RU-vid videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!