When to Use a SWOT Analysis

/

A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) is a well-known and respected tool. It looks at a company’s internal strengths and weaknesses, external opportunities and threats. The challenge is to use it for the right situation. Optimum reasons for undertaking a SWOT analysis are...

  • Improving your understanding of competitors, partners, or customers

  • Evaluation of new partnership or joint venture possibilities

  • Assessing whether a company stands up as a vendor or supplier

  • Assisting you to stay up to date on a company’s business strategy, prospects, and new developments

  • Formulating business strategies that align with your company’s core competencies and then enabling you with the information to address areas for improvement

  • Finally, a SWOT can help with quick decision-making during crisis management scenarios by distilling complex problems into an easily understandable and practical framework

If you need help formulating SWOT analysis of your business or a competitor or supplier, then please get in touch. Heath Research Services can assemble all the necessary information to make informed decisions.