So how to use it
In the application then the idea to be evaluated is considered under these 4 aspects. For each term a kind of statement is written and entered.
- Strengths: What are the strengths in the idea? How can these be used in the further strategy. Why is this idea better than others and how can it be used?
- Weaknesses: What can not be solved by the idea or concept so well? Are there any weaknesses in the implementation. Are certain points or requirements not fulfilled?
- Opportunities: What opportunities are there for the company to pursue this idea? Is she better than other ideas?
- Threats: Are there strategic risks if the idea is pursued further? Do certain topics have to be considered further?
In addition to a single consideration, it is also possible in the matrix to consider the intersecting topics together. In this case, corresponding pairs are formed and used as such to view and evaluate the idea.
All in all, one can say that SWOT analysis provides a strong method that allows you to take a closer look at an idea or a concept and to identify and name potential risks. Recognize and emphasize opportunities and strengths. And all with a minimum of time. In a team or alone it is very interesting concept which puts small and big concepts to the test.