One of the most popular ways to create a SWOT analysis starts with a four-part SWOT matrix. Picture a four-square court. This visual SWOT diagram provides one pane for strengths, weaknesses, opportunities, and threats. It sounds simple, but when paired together, it can provide a clear picture of the landscape and challenges your company is working with.
Here’s a classic example of a SWOT assessment:
Strengths are internal initiatives that are already working well.
Weaknesses are internal initiatives that are underperforming.
Opportunities are derived from existing internal strengths and weaknesses, as well as external opportunities that could put you in a strong competitive position.
Threats are trends or competitors that could cause issues. They differ from weaknesses in that threats are external, and outside of your control.