SWOT Analysis , which you heard during your student years and is indispensable in your business life, has been used for many years and is among the most popular analyzes. The SWOT Analysis, made by companies and even by many famous CEOs, can be said as a graphic table that reveals your instant situation. This analysis was developed by Harvard University professors in 1960 during the cold war period after World War II . He played a role in the fate of many institutions and companies. So what is SWOT Analysis and how is it done? Let’s see together.
What is SWOT Analysis?
It stands for Strengths, Weakness, Opportunities and threats. In Turkish, these words mean strengths, weaknesses, opportunities and threats. The analysis, which allows the company or person to accurately determine the current position, is important for future decisions. It is one of the first steps in projects or commercial ventures and an analysis that should be repeated when appropriate.
Companies sometimes have difficulties in decision-making processes. Especially if this decision will determine the fate of the company , SWOT analysis comes into play. Of course, this analysis alone may not be enough, besides, it is necessary to make a solid data analysis and make predictions from the data. However, we can say that SWOT analysis can be sufficient for people to see the situation in the decision-making phase .
How is SWOT Analysis Done?
First you need to open a SWOT paper or a site where you can perform SWOT analysis. Then you need to list your strengths, which is the first item, in an objective way, and you should also list your weaknesses , which is the second item, in an objective way. These first two items are the elements inside . Now let’s move on to the items that are the outside elements. Opportunities , you should realistically write down the opportunities you see outside. Finally, in the threats section, you should write the threats that may or already exist in order.
After doing this, it will help you to make the right decisions for your projects or businesses and to determine your future goals correctly. It is worth remembering that you need to be objective when asking yourself these four questions. If you do not evaluate objectively , you may not get accurate results.