A good SWOT analysis will provide you with a snapshot of a situation highlighting current areas of strength, weakness, opportunity and threat. Strengths and weaknesses (sometimes identified as limitations) are typically characterised as internal and opportunities and threats represent external issues.
Conducting a SWOT analysis within your team can help to generate robust discussion on your current organisational state and what obstacles require minimising in order to achieve the desired results. It is useful to consider your SWOT in relation to your competitors – are you able to increase your competitive advantage by leveraging your strengths and opportunities more effectively than your competitors?
They can be effective decision making tools by providing a more well-rounded view of the organisation which can assist in formulating more pragmatic strategically aligned business goals.
SWOT analyses are not limited to organisations – they can also illuminate your personal career goals and help with creating your development plan to achieve these.
Suggested Further Reading: