Identify strengths, weaknesses, opportunities, and threats (SWOT) to develop a plan
Use this editable template/outline to assess the strengths, weaknesses, opportunities, and threats of an organization, a specific product, service, project, or policy. Dividing your analysis into these four quadrants helps clarify the existing forces that will affect your organization’s future.
A SWOT analysis helps with strategic planning by providing valuable insights into the internal strengths and weaknesses, as well as the external opportunities and threats. It helps teams make informed decisions, set realistic goals, and create effective strategies to achieve success.
Gain valuable insights into internal and external factors
Build a shared understanding of strengths, weaknesses, opportunities, and threats
Set clear and actionable objectives that align with a broader business strategy
Identify potential threats and risks in the market
As a starting point, set the purpose of the SWOT analysis. Identify a specific company/startup, new product line, marketing strategy, or action plan to evaluate with the matrix. Next, brainstorm ideas for each of the following quadrants with your team members.
What do we do well? What separates us from competitors? What unique resources do we have? Evaluate the internal factors and focus on leveraging those advantages to achieve goals and stay ahead of the competition.
Examples of a company’s strengths might include a strong brand reputation, proprietary data or methods, efficient supply chain management, or advanced technology infrastructure.
What do we lack? What do competitors do better than us? Where are our resources limited? By identifying and working on weaknesses, you can reduce the risk of a business or project from outside competition.
Possible weaknesses may include limited financial resources or funding, outdated systems, low brand recognition, or inconsistent product quality.
Where do we see ways to meet people’s real-world needs? Where are people under-served by existing offering? Catalog the opportunities that your team can turn into strengths or even competitive advantages.
Potential opportunities may include emerging market trends disrupting an industry, strategic partnerships with complementary businesses, growing demand for new product categories, new marketing channels like social media or text messaging, and new geographic markets.
What competitors are emerging? Are there any external factors that might get in the way of our success? Take the time to develop strategies that minimize risks and protect the business or project from negative impacts. This helps ensure long-term sustainability.
Example threats may include competitors gaining market share, changing government regulations, economic downturns, or negative public perceptions due to industry controversies.
Based on the insights gained from the SWOT Analysis, brainstorm and prioritize strategies and action plans. Leverage strengths to capitalize on opportunities, address weaknesses to mitigate threats, and develop innovative approaches to achieve objectives.
Involve stakeholders and subject matter experts: Engage key stakeholders and subject matter experts throughout the SWOT analysis process. Their insights and expertise can provide valuable context and help validate the accuracy and relevance of the identified factors.
Focus on actionability: Ensure that the factors identified in the SWOT matrix are actionable. Instead of merely stating strengths, weaknesses, opportunities, and threats, strive to translate them into specific strategies, initiatives, tactics, and measurable objectives tied to metrics.
Continuously monitor and update: SWOT analyses are not one-time events, but an ongoing process. Regularly monitor the progress of the implemented strategies and reassess the SWOT factors in light of changing circumstances. Remain agile and adapt your approach as needed to ensure your analysis remains relevant and effective.
Below is an example of a SWOT analysis conducted by a fictitious bank. Using the SWOT analysis outline, the team has filled out each section of the template with sticky notes during a brainstorming session (this can be conducted asynchronously or in real-time, and you can avoid groupthink by using Mural's private mode feature). Once your team is finished adding ideas to the mural, you can begin to identify common themes or groups that may have emerged.
This process of sorting your ideas based on common themes (which can also be addressed using Mural's AI features for Enterprise accounts) makes your brainstorming directly actionable, as you can then begin to assign tasks or followup items based on your feedback. The SWOT analysis outline not only helps structure your brainstorming, but also streamlines your action items, as you'll emerge with a stronger understanding of the key issues, and be able to better prioritize your work.
A SWOT analysis is an exercise that helps understand an organization's internal strengths and weaknesses, and external opportunities and threats.
Strengths: These are the things that a business or project is really good at or the advantages it has. For example, a company may have a strong team or excellent customer service.
Weaknesses: These are the areas where a business or project may need improvement or have some challenges. It could be things like not having enough resources or not being well-known in the market.
Opportunities: These are the chances or possibilities that can help a business or project grow and succeed. It could be a new market opening up or a new technology that can be used.
Threats: These are the factors that could potentially harm a business or project. It could be competition from other companies or changes in government regulations.
By looking at these four factors, a simple SWOT analysis can teams understand the good and not-so-good aspects of their situation. It helps them make better decisions, set goals, and come up with plans to make the most of their strengths, overcome weaknesses, seize opportunities, and manage threats.
A SWOT analysis shows you what strengths, weaknesses, opportunities, and threats your business may face. If you’re looking at your own personal growth, start with a goal, like “choosing a new hobby” or “building self confidence” that you can build the SWOT analysis around.
There’s no hard limit for how many contributors are needed to create a successful SWOT analysis, so don’t be afraid to invite others to collaborate. We recommend having at least a few other collaborators to help create a robust, insightful SWOT analysis.
You can use SWOT analysis and apply it to your competition, but you can also evaluate your company or business. It’s a good idea to regularly perform a SWOT analysis to measure your company’s health, especially if one of the factors has changed (for instance, when new threats arise).
A SWOT analysis is crucial because it provides a comprehensive overview of a company's strengths, weaknesses, opportunities, and threats. It helps businesses identify internal and external factors that could impact their success, enabling them to make informed decisions, capitalize on opportunities, and mitigate potential risks. By understanding these elements, companies can better align their strategies with their competitive environment and internal capabilities, leading to enhanced performance and strategic positioning.
A SWOT analysis is beneficial for a wide range of stakeholders, including business owners, managers, marketing teams, strategic planners, and consultants. It's a versatile tool that can be used by any organization, regardless of size or industry, to improve understanding of their operational environment. This analysis helps these stakeholders make strategic decisions, plan for future growth, and address challenges effectively by providing a clear, structured overview of the critical factors that influence business outcomes.
Yes, Mural's SWOT analysis outline can significantly aid in business or marketing analysis. This template provides a structured framework that helps teams collaboratively assess and visualize their strengths, weaknesses, opportunities, and threats in real-time. Mural's interactive and user-friendly platform lets teams more effectively brainstorm, organize their thoughts, and develop strategic insights. This collaborative approach not only enhances the depth and breadth of the analysis but also ensures that diverse perspectives are considered, leading to more robust business strategies and marketing plans.
Mural is the only platform that offers both a shared workspace and training on the LUMA System™, a practical way to collaborate that anyone can learn and apply.