Do you get stuck with writing a SWOT analysis? Is SWOT analysis giving you nightmares?

If yes, then the following steps will help you to conduct an impressive SWOT analysis:

• Decide an objective

In order to get the maximum from your SWOT analysis, you have a solid question in your mind right from the beginning. 

When students are assigned a SWOT analysis of Vera Bradley, most of them struggle to craft a well-versed SWOT analysis. Therefore, you need to have an objective from the start.

• Conduct research on your business and market

Before doing your SWOT analysis, you have to conduct extensive research on your business and market and find out your competitors.

• List the strength of your business

Now, you have to identify and list the strength of your business. This strength can be related to your employees, business location, resources, and cost advantages.

• List the weakness of your business

List all the things in your business that have weak points. This weakness can be related to clients, new products, lack of staff, lack of intellectual cell, etc.

You have to make sure that you have included all the weaknesses in your SWOT analysis. The list of weaknesses will determine how your business has flourished over time.

• List the opportunities of your business

Now, it is time to think about the emerging opportunities for your business. These opportunities can be training sessions, advanced technology, partnership, etc.

• List the threats to your business

It’s time to list all the external factors that can be a threat to your organization. The threats can be unemployment, the rise of competition, high-interest rates, etc.

• Develop priorities from the SWOT

When you have done all the above-mentioned steps, you will have 4 individual lists. You can place these 4 pictures side by side so that you take a general overview of how your business is moving and what problems you have to address. 

Then you need to prioritise the important issues and leave the others for some time.

• Establish a strategy to address issues in the SWOT

The final step is to review the prioritised list by asking:

• How can I use my strengths to get the maximum benefit from the opportunities?
• How can I use these strengths to get rid of the threats?
• What sort of improvement do my business need to overcome the weaknesses?
• How can I reduce my weakness to overcome the threats?