Strengths, Weaknesses, Opportunities, and Threats = SWOT analysis      

SWOT is quite useful model not only when planning huge strategies. But even for small businesses. Scaling down appropriately to the size of the business it will give the same benefit. As it says, it is a model. Meaning its “shape, colour and taste” may vary depending of the situation and variables. Lets put it that way, it is like a frame structure, pre-made CMS system, algorithm where you just replacing variables with your data. Well maybe I went too far with that one, but it might be quite easily. Before you start, do research of your particular business area. Do not “copy/paste” SWOT analysis from different market sectors/segments. As data/variables will be different. In extreme cases, what might be strength for one business is threat to other. Quite simple mechanisms. It is pretty much just to visualise all arguments in one document before making any intentional decision.

• Strengths: characteristics of the business or team that give it an advantage over others in the industry.
• Weaknesses: are characteristics that place the firm at a disadvantage relative to others.
• Opportunities: external chances to make greater sales or profits in the environment.
• Threats: external elements in the environment that could cause trouble for the business.

Doing SWAT you are trying to determine whatever you will be able achieve your plan and on what costs, what it will take you to do so. In each particular case.

So as you see it is crucial to RECOGNISE those key points correctly. To filter the data, interprate trends, consider signs from inside and outside.

The main criticism here will go towards simple fact of not taking some facts to consideration. Even smallest idea might be very important voice. Do not expect people coming over to you and giving you ready solution. But listening and using those ideas, connecting the dots is what makes good decisions. Nobody is so wise and knowledgeable to ignore voices from around. Sometimes most ridicules opinion might lead to great conclusion. It is simplest as well most common error.