nternal External For helpful questi A SWOT analysis is a very popular strategic planning exercise. It was developed in the 1960 's and is widely used to this day in the business world. SWOT, which stands for Strengths, Weaknesses, Opportunities and Threats, is typically used when companies seek to formulate a new strategy or are considering some type of change. It also helps aid decision making and goal setting. Some organizational leaders routinely conduct a SWOT analysis to ensure they are considering all possible future directions for their company. It can also be useful when a company is struggling to grow revenues or increase market share. Steps STEP 1: Draw a SWOT analysis grid to record your findings. It is often helpful to use a SWOT analysis grid to help you record and visualize your findings. Here is an example of a simple SWOT analysis grid, you can use it for this exercise. You might have to expand the table. STEP 2: Identify your company's internal strengths and weaknesses. It is important to remember that when evaluating your strengths and weaknesses you look inward at your company. Table 1 provided in the output/examples section provides some helpful questions you can use to get thinking about your strengths and weaknesses. STEP 3: Identify your company's external opportunities and threats. It is important to remember that when evaluating opportunities and threats you look outside your company and consider the environment that affects your company at the present or may affect it in the future. Table 1 provided in the output/examples section provides some helpful questions you can use to get thinking about your opportunities and threats. Helpful Questions for SWOT Analysis Certainly ! Here's a SWOT grid with internal and External Strengths: Internal Strengths: 1-Strong brand reputation 2-Talented and skilled workforce 3-Advanced technology and infrastructure 4-Efficient internal processes 5-High-quality 6-Financial stability and strong cash flow External Strengths: 1-Growing market demand for products/services 2-Supportive regulatory environment 3-Positive industry trends 4-Strategic partnerships and alliances 5-Favorable economic conditions 6-Emerging opportunities in new markets SWOT analysis also includes identifying internal and external weaknesses, as well as external opportunities and threats. Here's a SWOT grid with external opportunities: 1-Growing market demand for products/services 2-Expansion into new geographic markets 3-Increasing customer trends and preferences 4- Technological advancements offering new possibilities 5-Collaborative ventures and partnerships 6-Changing consumer behavior creating new niches External Threats: 1-Intense competition in the industry 2-Economic downturns and market volatility 3-Rapidly evolving technological landscape 4-Regulatory changes and compliance challenges