How to Use a SWOT Template for business analysis
For business managers, SWOT analysis is an extremely helpful business tool that can help them assess situations before they take any decision regarding their actions and strategy.
This analysis helps a company determine what its Strengths and Weaknesses in terms of resources and processes are and what the Opportunities and Threats they would have to deal with would be if they pursue a certain course of action. This way, a business can have a clear idea of the internal and external factors that come into play during a situation like a new venture, a recent advertising campaign or a new product launch.
What is a SWOT Analysis Template?
A SWOT analysis template provides business managers with a structured format that they can use to analyze the key factors of SWOT. This analysis is typically done before a strategy formulation and planning process is undertaken by the company for its business, products or teams.
A template can help managers understand what factors should be rightfully included in the categories of strengths, weaknesses, opportunities and threats.
Types of SWOT Templates
There are three types of SWOT template available that can be used by businesses to carry out a SWOT analysis.
- The Classic SWOT Template
Often used in strategic planning, this template sums up the four key factors of the business environment including strengths, weaknesses, opportunities and threats. Explaining a few key elements that can be added to these categories in a broad and subjective manner, this template is easy to use and can help you record outcomes at the end of a strategic planning meeting or brainstorming session.
However, this analysis is usually used when you are already done with your strategic analysis.
- The Ultimate SWOT Template
Having more than 50 analytical questions in all categories, this type of SWOT template provides you with a thorough analysis of the situation. This analysis is to be conducted before you make any strategic plans since it has the power to help you effectively analyze your resources and current market position clearly.
This type of analysis acts as a guiding tool for formulating a business strategy since it highlights weak areas of your business that you need to focus on and the threats you should mitigate.
- The Distinctive SWOT Template
This template is connective in nature and allows you to develop a relationship between your internal and external factors.
This creates a grid like structure having categories including Strengths-Opportunities, Weaknesses –Opportunities, Strengths-Threats and Weaknesses-Threats. This can help you analyze how you can implement the results of a SWOT analysis for turning around the situation in your favor. In addition, it will give a clear idea of factors that should be enhanced and eliminated.
Depending on your own specific assessment needs, you can decide which type of SWOT template you should choose for carrying out the analysis. The Classic one can help you sort out your key strategic points, the Ultimate template can help you formulate the strategy, and the Distinctive one can help you relate the internal and external factors of your business environment.