SWOT Analysis - 3 Icebreaking FAQs
A well-crafted SWOT analysis like the Urban Outfitters SWOT analysis is a powerful tool to develop your organization’s strategy, whether you are building a new business or strengthening the existing one.
The elements that are under your control are called internal factors i.e. your staff, intellectual property, patent, and location. The internal factor is categorized into Strengths and Weaknesses.
On the contrary, opportunities and threats are the external areas i.e. your competitors, cost of raw materials, customers’ buying trends, etc.
- Why do I need to conduct a SWOT analysis for my business?
When you manage time to do the SWOT analysis, you have to develop an effective strategy in order to grow your business.
Probably you are thinking that you know everything to grow your business, but a SWOT analysis allows you to see your business from different perspectives.
In a SWOT analysis, you have to look at your strengths, weaknesses, how you can take advantage of the opportunities, and how to minimize the threats.
- Which people should I involve in the SWOT analysis?
For a SWOT analysis to be done perfectly, you need to involve your staff in this analysis. You cannot delegate this work to others.
It does not mean that as a business owner, you have to do all the work. In order to achieve the best results, you have to gather a group of people who have diverse perspectives on your business.
You can choose people who can present distinct aspects of your business ranging from customer service to sales department and product development to marketing. It means that every single person in your business has a seat at the table.
Renowned brands even look outside their business and involve their customers in the SWOT analysis.
- How should I conduct a custom SWOT analysis?
To conduct a winning SWOT analysis for your firm, you do not need to sit for 24 hours. Instead, 2-3 hours will be more than plenty.
- Choose the right people
First, you have to gather people from all the departments of your business and make sure that you have all the representatives of these departments.
- Stick all the ideas on the wall
Conducting a SWOT analysis is like doing a brainstorming session. So, there are exact and wrong ways to do them.
It would be best if you give your employees a pad of sticky notes and attach their ideas to the wall.
- Rank all the ideas
Once you have collected all the ideas, you should rank them as per their positions. Use the voting system to rank all the ideas.
Based on the voting activity, you have to prioritize these ideas.