SWOT analysis (alternatively SWOT Matrix) is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. The technique is credited to Albert Humphrey.
Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization.
Strengths: characteristics of the business or project that give it an advantage over others
Weaknesses: are characteristics that place the team at a disadvantage relative to others
Opportunities: elements that the project could exploit to its advantage
Threats: elements in the environment that could cause trouble for the business or project
Identification of SWOTs is important because they can inform later steps in planning to achieve the objective.
First, the decision makers should consider whether the objective is attainable, given the SWOTs. If the objective is not attainable a different objective must be selected and the process repeated.
Users of SWOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) to make the analysis useful and find their competitive advantage.
Reputation in marketplace
Expertise at partner level in HRM consultancy
Shortage of consultants at operating level rather than partner level
Unable to deal with multi-disciplinary assignments because of size or lack of ability
Well established position with a well defined market niche
Identified market for consultancy in areas other than HRM
Large consultancies operating at a minor level
Other small consultancies looking to invade the marketplace
SWOT Analysis is basically an evaluation of self or self business. It is a way of summarizing the current state of you or your business and helping to devise a plan for the future, one that employs the existing strengths, redresses existing weaknesses, exploits opportunities and defends against threats.
I as attaching herewith a SWOT Analysis Worksheet which may be helpful to you. Courtesy: MindTools
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