What Is a SWOT Analysis?

Many strategic planning sessions end with a document to work from followed by very little action. You fill out a SWOT matrix that breaks down the basics of your project or business, agree with your teammates that this was a useful exercise, and move on. But you can make more of your findings instead of filing them away until they are outdated — the value of a SWOT analysis depends on timeliness. The framework of a SWOT analysis takes honest input from across the organization and a reliable method for applying what you learn with clear next steps. In this article, you will learn what SWOT analysis is, how to run one step by step, and the best ways to make sure your findings lead to success. SWOT analysis is a strategic planning framework used to evaluate the factors that could affect an organization, project, or goal. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Internal factors: Strengths and weaknesses come from within your organization and are generally within your control. External factors: Opportunities and threats arise in the market or operating environment and require a response. You might conduct a SWOT analysis before launching an initiative, assessing current performance,…