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What Is SWOT Analysis and How to Conduct It Successfully?

Carrying out a SWOT Analysis for your business is super easy. It not only saves you a lot of time and trouble in the long run but also makes you familiar with new ideas and approaches towards your business.

The main purpose of this analysis is to assist you in making a powerful business plan by weighing your business’ strengths and weaknesses. At the same time, it also assists you in being well-informed about the current and potential threats and opportunities in the marketplace.

What Is a SWOT Analysis?

SWOT, as mentioned above, stands for Strengths, Weaknesses, Opportunities, and Threats. This helps you to calculate your business’s performance on these 4 markers and plan for the future.

As strengths and weaknesses are internal to your company, these can be controlled to an extent by you. You just have to put in some time and effort for this purpose. When I started my business, I encountered a problem with poor Internet connection in the first few months. I conducted a SWOT analysis with my team and subscribed to one of the very attractive Spectrum Internet plans ultimately.

Opportunities and threats, however, are external to your company and these can’t be changed by you. Some examples can be your competitors and pricing regulations.

Why Do a SWOT Analysis?

Below are 2 ways in which SWOT Analysis can help an established business

Similarly, SWOT can help a new business in these ways

How to Do This Analysis?

Here’s how you can conduct this analysis the right way:

Take out Some Time

Although you don’t need a whole day to do this, you need to spare about 2 or 3 hours for it. Create a scheduled meeting and make sure everybody in your team attends it.

Include Representatives From All Departments

It is important to ensure the inclusion of at least one representative from every department. As every department has different operations assigned to it, getting feedback on all operations will ensure the success of this analysis.

Make Sure That Everybody’s Opinion Gets Heard

Everybody’s opinion is important for this exercise. Therefore, you have to make sure that few people don’t overpower others. You can start the session by asking a question and make everyone jot down their opinions on sticky notes.

Start a Discussion

After the above exercise, you can group the same opinions on a subject and start a discussion. Let people add new ideas as well so that each aspect can be covered.

Use a Voting System

Conduct a voting exercise among members. It’ll help you choose the best ideas and move ahead with these.

Wait for the Authority to Make a Final Call

Once the ideas have been discussed and ranked, now it is time for the person in charge to approve these ideas. If there’s a strict hierarchy in your business, the CEO will be making that decision. However, a group of people can also decide upon an idea if your business has a more homogenous structure.

Creative Questions That Can Help You With The Analysis

You need to make a list of questions for discussion before scheduling the SWOT meeting. So, here are a few of these to get you started.


These are the constructive aspects of your company that are under your control.


These are the bleak aspects of your business that are also under your control.


Opportunities are external aspects that have the potential to help your business flourish.


Threats are external aspects that can negatively impact your business. These are not under your control.

Final Words

SWOT analysis is crucial for your business growth. These guidelines will surely help you carry out a successful SWOT analysis session with your team. A constructive SWOT session with my team encouraged me to dial the Spectrum Customer Service number and get my Internet problem fixed.

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