SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
It's a way to take stock of where the company is and help make plans for the future. Whether you or your team are planning for the future for a particular product, job, person, or any other area, the SWOT analysis process can be performed by:
Step 1 - List all your existing strengths. Then make a list of all the weaknesses that exist.
Step 2 - List all opportunities that will exist in the future. Opportunity is a potential future stengths. Then make a list of all the threats that exist in the future. Threats are potential weaknesses in the future.
Step 3 - Action Plan - Review your SWOT matrix with a view to developing an action plan to address each of these four areas.
Conclusion
Advantages need to be maintained, established, or exploited.
Weaknesses need to be remedied or stopped.
Opportunities need to be prioritized and optimized.
Threats need to be countered or minimized.
