S.W.O.T analysis basically means Strengths, Weaknesses, Opportunities, and Threats. It is generally used in business area. It helps us to recognize our Strengths, Weaknesses, Opportunities, and Threats. The advantage here is that by understanding weaknesses in business we can plan and do proper things to overcome those weaknesses. Just like when we need someone capable enough for a particular job we take the interview and find out the capable one. But lets say our current employee is not that hardworking we can replace him by recruiting someone else to do the job who might be more hardworking can take less money and save our resources by giving us profit.
S.W.O.T analysis is called as internal external analysis because Strengths and Weaknesses are within the business but Opportunities and Threats are external something depending on outside scenario.
Following is the meaning of every word in S.W.O.T analysis in brief:
Strengths:
S.W.O.T analysis is called as internal external analysis because Strengths and Weaknesses are within the business but Opportunities and Threats are external something depending on outside scenario.
Following is the meaning of every word in S.W.O.T analysis in brief:
Strengths:
 |
| S.W.O.T Analysis |
- How are we better as a organisation then other's?
- Why are we cost effective?
- How well do we handle the given resources?
- How well do we solve the problem and come up with achievements?
Weakness:
- Why is the problem happening? The root cause?
- How can we solve the problem?
- What precautions to take so that we don't land up in a same problematic scenario.
Opportunities:
- Is there any current opportunity?
- Does change of technology will bring in some opportunity?
- Change of government?
Threats:
- Competitor issues?
- Cash issues?
- Capital issues?
5 TIPS TO DO SWOT ANALYSIS:
1. Monitor the inside of the organisation carefully:
- The organisation is form through the services delivered by the employees to the clients of the organisation. S.W.O.T ANALYSIS is also called as INTERNAL EXTERNAL ANALYSIS.
- Where Strengths and Weakness both come from the inside of the organisation.If the employees are satisfied then there wont be any issue internally. They could keep the clients of the organisation satisfied. Proper Employee should be given Proper Work.
2. Strengths can open up Opportunities:
- If we focus at the Strengths and then think that can we get any opportunity through these strengths chances are we might get.
- Generally people fail to do so,
- This is one of the most useful tool if used properly.
- We can also look at the weakness and can think that if we terminate them are we going to get some good response are we going to get more opportunities. So we can plan and make our moves carefully.
Generally this tool can be applied for a particular product which we may be launching in the market or giving to the clients.
There we can apply SWOT analysis instead of applying it on the whole company.
4. Can get the idea of market as whole:
When we are looking at market as a whole we tend to look less at the opportunities. Proper work which is required on this one is generally not done. That causes problems.
If we look at opportunities and Threats carefully we can understand what we do to turn those threats to opportunities and if this tool is used with other software's which are used for strategy building it will give much more impact.
5. Don't Ignore the Weakness:
Generally employees tend to ignore the weaknesses that then causes the organisation problems.
Competition is increasing day by day market is growing rapidly. Weaknesses should not be ignored in this current environment. If solving the weakness are giving you opportunities then you should solve them first. So that they wont cause any trouble. And your organisation will be getting more opportunities.
Girivraj Wakade,
Digital Marketing Executive,
Talent Corner HR Services Pvt. Ltd.
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 Recruitment's and Executive Search Solutions for Companies across industries. Visit our website to know more about us at: http://talentcorner.in
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 Recruitment's and Executive Search Solutions for Companies across industries. Visit our website to know more about us at: http://talentcorner.in
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