Brainstorming: Definition,

Benefits, Methods & Examples

Understanding SWOT Analysis

What is SWOT analysis? SWOT analysis is an analysis technique aimed at evaluating strengths, weaknesses, opportunities and threats.

It should be noted that this technique is often applied in a company or organization in general, as well as in certain projects.

In addition, this technique is also very popular among business consultants such as Albert Humphrey who used this technique in the 1960s & 1970s which at that time was used to analyze companies on the Fortune 500 list.

Then, SWOT analysis is commonly used to analyze the development of the company and as a benchmark for its success. Meanwhile, in certain projects, SWOT analysis has been used to find out how well the performance has been carried out.

If you have carried out a SWOT analysis, then you will learn about the best strategies to be able to prioritize the work that you do to be able to develop your business.

Benefits of SWOT Analysis

By using SWOT, you will get a million benefits that you will feel to be able to achieve a goal that of course considers internal and external.

Why? Because in this strategy, you will not focus on profit and you can apply it to non-profit organizations or government institutions.

The rest you can see the benefits that you will feel, as follows:

Analyze the internal & external conditions of the institution.

Can find out how far you are in the environment.

Know the position of an institution.

Investigate the Company’s ability to run its business with competitors.

Get information on the internal & external conditions of the Company.

SWOT Objectives

The next discussion is about the objectives of SWOT itself. SWOT aims to determine the strengths, weaknesses, opportunities and threats in a Company or institution.

In addition, SWOT analysis can describe and show you the situation that is being faced or even what the Company will face directly.

SWOT Analysis Components

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats which have different meanings for each of these components.

Then, what is the meaning of each component of the SWOT analysis? Check out the following review.

Internal Factors

The components of the SWOT analysis in terms of internal factors include various things such as marketing, finance, human resources, research and development and so on.

Until finally the internal factors are formed into strengths and weaknesses, the explanation is as follows.

Strengths

The first component is Strengths or strengths are positive things that are indeed owned by the Company. This is related to competitive advantages such as the number of assets, employees, capital, technology, and so on.

This means that strengths are the strengths or qualities of your Company or business that can make it superior to competitors.

Please try to make a list of what strengths you know to differentiate the quality of your business from competitors.

This aims to make you have your own characteristics which of course are different from competitors with similar business ideas.

Weaknesses

Next there is the Weaknesses component which is the negative side of the Company. What are the negative sides? The negative side includes various business processes, types of materials, quality of human resources, and so on.

In addition, you also compare the weaknesses of the Company with competitors that fit your business internally.

Basically, this is the same as strengths. In addition, in analyzing weaknesses, it is expected to be honest with yourself. Why? Because by being honest, you will know in general what weaknesses exist in your Company or business.

For example, such as the lack of a very reliable technical team and so on, which of course must follow the current developments.

External Factors

In addition to internal factors, SWOT Analysis also depends on external factors that are closely related to conditions that occur outside the Company but will affect decision making.

For example, such as socio-cultural, political and others until finally these external factors affect the formation of opportunities and threats, see the following.

Opportunities (Opportunities)

Next are opportunities or opportunities are external factors that of course have a big influence on the success of your business.

For example, such as promotional opportunities, increasing demand, good market conditions, economy and so on.

In addition, please try to make a list of planning programs from the beginning of the business.

After that, you update it every 3-6 months so that you can analyze which programs are the most effective for you to use in the future.

Threats (Threats)

Finally, Threats are a threat that must be faced by the Company or business owner to carry out a plan or achieve a target.

For example, such as market trends that are starting to weaken, consumer behavior that reduces demand or even social that does not support your business.

The point is that any factor that is related to external factors will potentially endanger the future of the Company in the future.

SWOT Combination Strategy

Based on the analysis, you can combine SWOT strategies from two SWOT points to determine strategic steps for your business, as follows.

Strengths – Opportunities

The first strategy is to focus on strengths and opportunities that will later get offensive alternatives by using internal strengths with the aim of taking advantage of external opportunities.

Weakness – Threats

Focus on weaknesses and threats with the aim of achieving many defensive options by taking advantage of internal weaknesses to reduce external threats.

Strengths – Threats

By using internal strengths that will later reduce external threats.

Weakness – Opportunities

When you focus on weaknesses and opportunities, you can later support weaknesses from the internal side with the aim of taking advantage of opportunities from the external side.

Implementation of SWOT Analysis

By using SWOT Analysis, it can actually be one of the right steps to conduct an analysis of the business or products in your company.

So, through SWOT, the results can be known. So, the company can find out more about strengths, weaknesses, and products.

Likewise with you, you can also find out the weaknesses, strengths that exist in your business later.

In addition, you can also minimize these weaknesses into a perfect strength. Not only that, you can also find out good opportunities for the Company or business in the future.

And you can find out what will threaten product marketing and can be avoided or overcome by you later.

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