A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can help you understand how your business is positioned in relation to the market and your competitors.
You can use a SWOT analysis for any of the following:
- brainstorming
- business planning
- strategic planning
- competitor evaluation
- marketing
- product development
- business reports
Below is an example SWOT analysis template with information and examples of what to include in each section.
SWOT analysis subject:
| Factors to assess | Strengths | Weaknesses |
|---|---|---|
| Internal factors | Include any information on any strengths, such as: • advantages of the proposition, product or business • product capabilities • competitive advantages over rivals • innovative aspects of the product/business • any unique selling points • resources, assets, people • experience, knowledge, and data • processes, systems, IT and communications | Include information on any weaknesses, such as: • disadvantages of the proposition, product or business • gaps in capabilities • competitive weakness versus other similar businesses • financial constraints • poor processes and systems • lack of necessary accreditations • restrictions on IT, systems or communications |
| Examples of this could be factors such as: • product is superior to other competitors • product lifespan or durability • costs – compared to competitors • manufacturing processes are efficient • IT system can easily handle expansion | Examples of this could be factors such as: • competitors’ products are superior or cheaper • budget is limited • staff are untrained in new processes |
| Factors to assess | Opportunities | Threats |
|---|---|---|
| External factors | You should include growth opportunities, such as: • market developments • competitors’ vulnerabilities • geographical or export opportunities • seasonal influences • current styles or trends • niche markets | You should include any potential threats to your business, eg: • political factors • legislative changes • environmental pressure • IT developments • competitors • customer demand decrease • technological change |
| Examples of this could be factors such as: • poor products currently in the market • potential market for your product or service overseas | Examples of this could be factors such as: • changes of government or legislation • competitors’ product or service is at a more advanced stage • increasing interest rates |
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