A SWOT analysis method helps you to evaluate an array of Strengths, Weaknesses, Threats and Opportunities in a new business situation, project, product and various other types of business initiatives. Often, you may be required to analyze a potentially new business area and then present it to your leadership team.
How To Create A Swot Analysis Template?
Example of Swot analysis template
An excel template will come really handy, especially when you are short on time. Creating this type of a chart is not always an easy task. It could require enough time, efforts and research. Hence, it is a good idea to carry it out on a yearly basis, particularly in areas of personal improvement. A yearly report is adequate even while trying to gain complete command over your business and direct competitors. This is undoubtedly considered to be the most common marketing tool for strategic planning in every organization these days.
This type of analysis is also sometimes referred to as the SWOT matrix. It is usually presented in a 4 segment matrix in the following manner:
1. Internal Factors – Strengths and Weaknesses are considered to be internal factors. It includes areas such as patents, proprietary technology, employee skills, access to capital funding, facilities etc.
2. External Factors – Opportunities and Threats are considered to be external factors. It includes areas such as customer requirements, demographic changes, competitors etc.
There are several online excel templates you could use to help you get started with your evaluation. If you like using Excel and consider yourself to be a numbers person, you can use excel templates for analysis. You can quickly download a free MS office template. This excel workbook will contain sheets with various questions for every aspect of the above 4 areas.
You will be required to answer these questions and then your workbook will calculate an overall score for every area. These templates are visually appealing. Thus, they are an incredible way to gain access into the relevant mindset related to a series of internal and external factors within the organization. You could use a template as your start point and include several questions that will make sense in your analysis. However, do not use it without customizing it, to meet your business needs.
The vital characteristics of a good evaluation requires you to first clearly outline your objective for preparing this report. What is it that you plan to carry out the evaluation for? Thus, for instance, you may want to assess whether or not to expand your business by creating new avenues in the international market or should you invest in a new product line. Try to include as many figures as possible. Keep in mind, strengths and weaknesses need to reflect as exact opposites. In other words, you should refrain from noting similar yet opposite factors in the same area.
1. This type of an analysis technique can be used to summarize the strategic analysis that will include both your internal and external assessment.
2. The summary is clearly categorized in four key categories.
3. The four categories include strengths, weaknesses, opportunities and threats.
4. The usual format in an excel template is to prepare a 2 column by 2 row matrix with the above areas being covered under each section.
5. The process begins by asking and answering a number of highly specific questions for all of the 4 categories.
6. You need to then document the answers.
The above process in itself is fairly simple. However, since you do not want to be disappointed or misguided with the outcome, you need to take sufficient time in order to get all the answers you need. You should first prepare yourself to face the facts and then take the required actions. This kind of an evaluation is a highly practical solution for every organization. Excel templates will serve as a simple yet extremely powerful tool. You can prepare a report when delivering a project analysis on a time frame and on a tight budget
What Are The Advantages Of Using Swot Analysis?
1. Encourages Brainstorming Sessions For Investment Decisions!
Excel templates offer a powerful and successful technique which can be applied to any individual, group, team, project, organization or a specific plan. It encourages you and your co-workers to brainstorm crucial decisions. Mind mapping is usually considered to be one of the most helpful brainstorming technique. It allows you to prepare reports by considering strengths, weaknesses, opportunities and threats and creating a series of ideas through a Mind Map.
2. Create Easy To Understand Reports And Presentations To Gain A Competitive Edge!
You can easily create reports and presentations by using MS Excel template and other similar software available in the market. This will give you a distinct edge for decision analysis and also help you to gain an edge over your competitors. Use a ready template offered by a software or prepare an excel chart on your own. You need to take notes and attach relevant information into your report. By including notes and citing your sources, you can offer a detailed evaluation on every aspect in your chart. You could also attach few relevant files within your report. This will facilitate your management team to take an insightful and prudent decision.
3. Assess Organization Risks And Opportunities
During the project start-up stage, a detailed evaluation will provide you with key inputs for preparing a project plan. If a specific set of activities or section of a project is getting outsourced, such a report will help you to determine various risks and opportunities. This will help you to understand the associated benefits and challenges with the vendor who is being considered. You could then create a plan accordingly. In other words, a report will be useful in vendor resource management and vendor risk management. You could prepare the chart and identify risks. This will help you to calculate your estimated monetary value.
This type of evaluation will provide an excellent initial overview to help you understand whether or not a specific business opportunity is truly worth pursuing. The best part is that these charts will give you a very simplified perspective that will help you take crucial business decisions.