A SWOT analysis is really a brain-storming session. Your team will sit around a table and step through the four components of a SWOT analysis (i.e. your firm’s strengths, weaknesses, opportunities and threats). You will begin with your firm’s strengths and each team member will attempt to identify what strengths your firm has. One of the team members will write down each strength identified. The team can debate each proposed strength and will eventually accept or reject the item as a factor.
Once you have done a SWOT analysis, it is essential that you incorporate the findings in your further planning. It is a waste of time if you do nothing with your findings! The findings will assist in your further planning by highlighting the strengths your firm will build on and opportunities it will pursue. At the same time, your firm will need to address its weakness and decide how it will defend against the threats it faces. These decisions should shape the future activities of the firm.
A SWOT analysis is an exercise that can be done at any stage and should be reviewed annually.