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5 tips for preparing a SWOT analysis

5 tips for preparing a SWOT analysis
What is SWOT analysis?
SWOT analysis is a useful tool to understand strengths, overcome weaknesses, explore opportunities, and minimize threats in your business. It helps to evaluate the business by getting a deeper insight of the factors that can help you to reach the business goals.
Why should one conduct SWOT analysis?
SWOT analysis is essential for the existing business as well as the new business. It has following benefits:
  • It provides you information which is useful in making strategic decisions.
  • It helps you to identify the areas in the business which require improvement by showing your weaknesses.
  • SWOT guides you with the future plans.
  • It gives you a new perspective which helps you with your business.
  • It highlights the strengths of the business which can be used for the further growth of the business.
  • It identifies the potential problems acting as hurdle in the path of accomplishment of goals.
  • It makes the business convert the strengths and weaknesses into opportunities.


How to conduct a SWOT analysis?
Here’s a quick glance at the tips for preparing the SWOT analysis.
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1. Get the format of SWOT analysis
A SWOT analysis consists of four-square boxes, where each box is for following:

BUSINESSS – Strengths
Strengths are the positive factors that are within your control. They include the resources and assets that are available to your business along with the USP of the business.
BUSINESS 

W –Weaknesses
Weaknesses are the negative factors that leave you behind in the business and other competitors can easily take over you on these grounds.

BUSINESSO – Opportunities
Opportunities refer to your company’s ability to grow in the market and offer better value to your customers.

T – Threats
BUSINESSThreats are the risk factors for your business. Since threats are out of your control, view them as challenges and come up with an effective plan to get over them.
2. Look for some SWOT examples
   One should give a look at the other existing examples of SWOT analysis, before preparing a SWOT for one’s own business model. This will provide you a rough idea for conducting SWOT and will also help you to understand which aspects of business you should consider.
3. Conduct a brainstorming session for employees
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For elevating your business, it is mandatory to include your employees at all the levels in the organization. Conducting short brainstorming sessions will provide you complete and hidden information about the company, essential for the SWOT analysis. SWOT analysis will not only help your company identify its current position, but it will also provide the insight needed to develop strategies that can aid you in meeting your business goals. 
4. Jot down the bullet points
Make the groups among the employees and allot them with strengths, weaknesses, opportunities and threats each. Ask them to find out the information about respective allotment. While discussing, list out the important points. Carefully go through each and every point in the respective boxes of strengths, weaknesses, opportunities and threats. This will assist you in determining whether it can be converted into business opportunities or not.
5. Formulate the strategies

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Once the SWOT analysis is formed, you will understand the strengths, weaknesses, opportunities and threats of the business. Therefore formulate strategies to strongly build up your strength, overcome your weakness, explore opportunities and reduce threats. Decide the deadline for the same so that you can implement the strategies within stipulated timeframe and benefit the business. This will enable you to build the foundation for the development of effective business strategies.
Therefore, a SWOT analysis is meant to arm you with valuable information about your company. This information gives you a comprehensive view of your company, which will guide you in your decision-making process, contributing in the growth of the business.

BUSINESS

Now it’s your turn to conduct SWOT analysis!
Rohini Shendre
Digital Marketing Executive
Talent Corner HR Services Pvt Ltd

About Talent Corner


Talent Corner H.R. Services is a professional human resources consultant providing innovative recruitments solutions to the corporate world. Incorporated in 2002, Talent Corner has now grown into one of India’s top HR Services Companies with Over 150 employees in Offices and located at 10 Locations across the country. We are currently serving over 900+ clients in diverse industries.

We are providing recruitment services in Bangalore, Chennai, Delhi, Hyderabad, Pune, Kolkata, Rajasthan, Gujarat, & Cochin. In a Dynamic Business World, Standardized Business Solutions don’t Often Work. Therefore we offer customized Recruitments and Executive Search Solutions for Companies across industries. Visit our website to know more about us at: http://talentcorner.in

Apart from High Quality Recruitment Services, Our Industry Demands “Ownership” in Business. Thus in Order to Scale, we have Developed a Unique Recruitment Franchise Opportunity to harness your Entrepreneur Aspirations. To know more about our recruitment franchise opportunities, visit : http://talentcorner.in/franchise-at-talent-corner

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