SWOT Analysis: Why you need it & the right tool to use
Friday, 09 April 2021
While studying or working, you may have come across the term “Swot Analysis.” It is a popular, strategic method used by people and businesses for self-evaluation. If you haven’t heard of it, don’t worry. This post will tell you about Swot Analysis, why you need it for your business and the best Swot Analysis tool out there for you to use.
In the world today, trying to outdo the competition is not unusual. Every day, during brainstorming sessions, people evaluate their present situation from every angle so they can improve their position in their respective fields. Swot Analysis is a standard method used to achieve this.
Albert Humphrey, an American consultant, developed Swot Analysis in the 1960s while working at Stanford Research Institute. He led a research project centered on the top 500 largest United States companies, a ranking compiled annually by Fortune Magazine. This research birthed a management concept that many organizations around the world now use to strategize.
Individuals use Swot Analysis, too, to determine how well a project is doing and see if it is meeting expectations. Consider Swot Analysis a strategic framework that you can use to assess your business’s growth and its adherence to set bottom lines.
The word “SWOT” is short for Strengths, Weaknesses, Opportunities, and Threats. These four attributes reflect the internal and external environments of your business. You will find the information gleaned from analyzing these attributes beneficial during the planning phase. Strengths and weaknesses comprise the internal environment, while opportunities and threats are the external environment’s two sections. Let’s examine these four attributes next.
- Strengths: This is the first attribute in a Swot Analysis. It highlights the areas in which your business excels or does better than its competitors. Your strengths can lie in intangible assets like intellectual properties and brand popularity or tangible elements like money and land.
- Weaknesses: Recognizing your weaknesses is just as important as pinpointing your strengths. What areas do you perform poorly? What does your competitor do better than you? Questions like these will show you the inherent features that place you at a disadvantage, so it’s essential to find and tackle them.
- Opportunities: Swot Analysis allows you to see openings you can capitalize on to grow your business. These positive openings arise from external developments, such as increased demand for your product and service or fewer competitors in your industry. Successfully grasping opportunities can set you apart from other competitors in the industry.
- Threats: Where there are opportunities, there will be threats that can hinder the success and growth of your business or project, such as new competitors, unfavorable government policies, a shift in consumer attitudes, etc. Recognizing these threats early on will allow you to prepare for them.
|Your areas of expertise.||Areas that you lack.||Fewer competitors.||New competitors.|
|What you do better than your competitors.||What your competitor does better than you.||Growing demand for your product or service.||Unfavorable government policies.|
(Example of Swot Analysis)
Performing Swot Analysis will help you critically evaluate your goals, career, or business. You can keep track of what fuels your growth and, at the same time, recognize the challenges ahead and prepare for them.
THE RIGHT SWOT ANALYSIS TOOL
Now that you understand how Swot Analysis can benefit you in all walks of life, you can start searching for the best Swot Analysis tool to use.
An online search for free swot analysis templates can lead you to websites offering costly subscriptions for swot services; this can discourage just about anyone. An online tool that ditches these frustrating factors for simplicity, efficiency, and affordability is Mileo.io, a leading Business Model Canvas and SWOT Analysis tool developed by PLENISENSE.
With Mileo.io, PLENISENSE brings to the table a stylistic, user-friendly platform anyone can use to create clear and concise Swot Analysis, which they can access from anywhere and share with others. Let’s discuss what the tool offers.
WEB & MOBILE ACCESS
Mileo.io offers a simple 4x4 SWOT integrated layout for its users, with different colors available for use to highlight each quadrant’s essential points. The interactive boxes can contain lengthy text, which is ideal for detailed writers.
Mileo.io also provides users with an appealing and seamless mobile experience that is just as responsive and easy to use as its web version. You can quickly update your Business Model Canvas and Swot Analysis whenever you receive inspiration that can power you and your team to success.
With Mileo.io’s online Swot Analysis tool, you can begin work on your computer and continue later on your mobile phone without fear of losing information vital to your strategic planning phase—thanks to its cloud storage capabilities. Mileo.io automatically saves all entries to the cloud, and users will find their projects intact on their next login.
Users can share their Swot Analysis with other team members who have signed up on Mileo.io. Top encryption techniques safeguard all activities and interactions carried out on the platform.
You must be wondering, “If it’s this good, how much would it cost?” There’s good news.
At the cost of a tweet — yes, a tweet — newly registered users on Mileo.io can gain six months of free subscription with all perks unlocked, including free support! This offer flies in the face of online Swot Analysis pricing, as many other Swot tools require payment or credit card information before use.
for 6 months
- Unlimited Canvases
- Unlimited Users
- SWOT analysis
- 6 months free support
- Timeline for each Project
- Editor and Read Roles
- Business Model Notes
To succeed in your endeavors, it is crucial that you first define your objectives. Your objectives and goals shine a light on the aspects of your project or business that you’ll direct most of your attention to. Identifying your strengths, weaknesses, opportunities, and threats comes next, and picking the right tool to help you accurately evaluate these factors is crucial.
Mileo.io’s Swot Analysis tool stands out from the competition. It offers its users a well-designed platform that is responsive, secure, and easily accessible from anywhere. It also presents Swot Analysis in an easily digestible format that you can share with teammates or coworkers.
With Mileo.io, PLENISENSE has simplified what was otherwise a lengthy process, making it the optimal solution for anyone seeking to conduct Swot Analysis.