How to do a SWOT analysis on your business in 7 simple steps.
From casual ideation exercises to thorough business audits, conducting a SWOT analysis can help highlight key factors that shape the success of your business.
Learn the basics of how to do a good SWOT analysis with our step-by-step guide.
Step 1. Choose your objective.
Before you put pen to paper and begin your analysis, it’s important to set your sights on an objective. This can help keep your SWOT analysis focused and achievable. For example, you can use SWOT analysis to help inform a new content campaign or a brand redesign.
Setting an objective can help you pinpoint realistic goals and gain a better understanding of what you can achieve.
Step 2. Decide who you want to feed into the SWOT analysis.
Leading an effective SWOT analysis is all about collaboration. People are your resource. Enlisting a diverse team of representatives is the best way to understand all possible strengths and weaknesses.
Gather a range of insights from different departments and levels within the business for a 360-view on the objective.
Step 3. Select a template for your analysis.
The SWOT framework is often laid out in a grid made up of the four target categories. This makes it easy to read and compare all internal, external, positive and negative factors side-by-side.
SWOT tables typically display internal factors on the top row and external factors on the row below. You can also place positive items on the left side and potentially negative items on the right side to consider advantages and disadvantages at a glance.
SWOT table templates are an effective way to get the ball rolling. Whether you prefer to use standalone analysis infographics, presentation decks or create video slideshows, you can save time and keep designs consistent.
With Adobe Express for Business, you can also create and save company-branded templates with custom fonts and colour schemes, ready to share your analysis with relevant stakeholders.
Step 4. Start your SWOT analysis.
Let the brainstorming begin. Get your team to list items in bullet points under each category. The key is to be specific. Compare hard facts and insights that relate to your objective. For example, you could secure data using surveys and interviews.
Some items may not be of equal importance, though you should prioritise the most urgent strengths, weaknesses, opportunities and threats.
If priorities vary across the board, perhaps use a system to highlight their significance, such as ranking items in a numbered list or ascending order. Once you’ve gathered an initial set of ideas, you can always refine the first draft to focus on key items and urgent risks.
Step 5. Assess and strategize.
Bring your ideas to the fore and create a strategic plan based on your list of priorities. Draw conclusions from your analysis and consider any patterns. Do the positives outweigh the negatives? Can you utilise your strengths to target threats and weaknesses? How does each factor affect your objective?
By assessing combined results, your team can develop an appropriate strategy that carefully considers potential gains and risks, rather than acting without a plan.
Step 6. Take action.
Turn your plan into action and make your strategy a reality. It’s important to share your insights with wider teams in the business and use them to guide your future strategy. Then, you can set actions and timelines to make it happen.
There are plenty of methods to target weak spots, such as leaning on expert consultants and seeking guidance from agencies in your industry. Shout up about your plans and targets and set out to find the best possible team to help implement them.
Step 7. Schedule your next SWOT analysis.
Tides change and new opportunities and risks can emerge. Make sure you’re ready for what could be waiting around the corner by making SWOT analyses part of your regular strategy. Revisit your existing SWOT analysis and consider areas that could need updating for fresh trends.
