It works for individuals to help in career development and it can most certainly help in a business context as well. SWOT may well be a “golden oldie” but it’s still valuable nonetheless. SWOT is short for Strengths, Weaknesses, Opportunities and Threats, it requires you to think about the 4 aspects and make a list of each of them.
It’s fairly straight forward but here are a couple of thoughts to start you off with:
Strengths: What are we great at? What do we do better than the rest?
Weaknesses: What can we improve, What are we always short of?
Opportunities: What trends are we noting, what tech can help us?
Threats: what is the competition getting up to, What regulation charges are coming up
If you get your thoughts down on paper it will help you focus your mind on building on your strengths whilst working on eliminating your weaknesses to enable you to seize any opportunity that you see coming up whilst looking to protect yourself against any threats. Sometimes threats can emerge as opportunities. Take for instance a major new change in your trade regulations which you may first of all see as a threat but as one of your strengths could be that you are adaptable then maybe you can be the first to implement the necessary changes and thus steal a march on the opposition. A word of warning, SWOT really does only work if you are realistic and honest in your deliberations.