As an entrepreneur, you will always need some tools to perform a different analysis. One of the most important analyses for businesses is the SWOT analysis. Because of that in this post, I would like to share such a tool in the form of a SWOT analysis template.
What is SWOT Analysis?
SWOT analysis is a strategic planning tool that you can implement in four easy steps. You can read more in one of my previous posts titled SWOT analysis in 4 easy steps. The steps I describe there are the following:
- Step 1: Scanning external and internal environment
- Step 2: Internal and external analysis
- Step 3: Constructing a SWOT matrix
- Step 4: Defining strategies.
How to Use This SWOT Analysis Template?
Every business is different, and because of that, there are different needs in the implementation of every type of analysis. This template for SWOT analysis is a two-sheet template.
What do you need to do in the first sheet of the SWOT analysis template?
On the first sheet as you can see in the image below you will need to take the first three steps:
- Scan your business environment,
- Classify external and internal factors into strengths, weakness, opportunities, and threats and
- Make construction of the SWOT matrix.
Internal factors go to the strengths and weaknesses as part of the SWOT matrix, while external factors go to opportunities and threats. In the article titled as SWOT Analysis – 4 Steps, I note the fundamental questions that will guide you through this process of first two steps in the SWOT Analysis process.
What do you need to do in the second sheet of the SWOT analysis template?
On the second sheet, you will need to take the last step of this process. This step is to define the strategies you will need to implement in the future for your small business. As I note in the previous post, there will be four different strategies:
- S-O Strategies (Strength-Opportunities Strategies). These strategies should take advantage of opportunities that fit the strengths of the business.
- W-O Strategies (Weaknesses-Opportunities strategies). These strategies should enable it to overcome the weaknesses of the business while we utilize the opportunities.
- S-T Strategies (Strength-Threat Strategies). These strategies should allow the use of strength side of the matrix, while eliminate or reduce the threats from the environment.
- W-T Strategies (Weaknesses-Threats Strategies). These strategies should enable the elimination of weaknesses and preventing external threats and weaknesses to appear inside or around your business.
You can download this template here: SWOT Analysis Template (Right Click and Save Target As).
