Stormboard 101: How To Perform A SWOT Analysis

Posted on October 12 2017 in Features, Inspiration, Templates, Tutorials

There are more than 200 templates on Stormboard that can be used for personal, small business, and corporate Storms! Today, we are focusing on the SWOT analysis template.

What is a SWOT analysis?

This is an acronym that stands for:

S — strengths
W — weaknesses
O — opportunities
T — threats

In other words, it is a list or diagram that organizes your company’s greatest strengths, weaknesses, opportunities, and threats. The point of this type of analysis is to help you develop a strong business strategy for a new business venture, or to reexamine the strategy of your current business.

Typically, strengths and weaknesses are internal factors to your company that can be changed or controlled, while opportunities and threats are external factors in the greater market.

How do I conduct a SWOT analysis?

  1. Select the four-square SWOT analysis template from the Stormboard template list.
  2. Gather a group of people with different perspectives from your company — this type of analysis works best with a group that has varied insights. You can do this in person or with remote teams that can contribute to the analysis when it works best for them.
  3. Have a brainstorming session, or time period, when everyone can contribute ideas to the SWOT template.
  4. Once your brainstorm is done, create a final version of your SWOT and list the factors in each section from the most important to the least.

Questions to ask your team during your SWOT analysis

Strengths

  • What do we do well?
  • Do we have strong internal resources (both people and tangible assets)?
  • What can we do better than the competition?

Weaknesses

  • What are things we are doing that are making us less competitive?
  • Do we have limited resources?
  • Is the location of our business hindering growth?

Opportunities

  • Where are the opportunities in our market?
  • Do people perceive the business in a positive way?
  • Is timing a factor in the growth of the company?

Threats

  • Who are our top competitors?
  • Could external factors put the business at risk?
  • Have there been any major shifts in our consumer base?

Now what?

Once you have created a final version of your SWOT analysis, use your factors to develop some long and short-term goals.

The best part?

Your SWOT Storm will always be there for you to come back to, review, make changes in and use for regular meetings as you discuss your ongoing strategy!  

Where do I find the template on Stormboard?

When you are on your dashboard, click “Create A Storm” and then name your Storm and add your team to the template.

Next, click the “Template” button at the bottom of your screen, scroll down to “General” and then scroll over until you find the “SWOT Template.”

Click the template and the checkmark in the top right-hand corner.

You’re ready to start your SWOT Analysis!

—By Lindsay Shapka

Resources

The Toolkit Project: SWOT Analysis

SWOT Analysis From A Resource-Based View 

The Economist: SWOT Analysis

Start using Stormboard to perform a SWOT analysis today!

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