{"id":5811,"date":"2020-05-27T15:20:57","date_gmt":"2020-05-27T05:20:57","guid":{"rendered":"http:\/covid-19-resources\/covid-19-recovery-how-to-conduct-a-swot-analysis\/"},"modified":"2020-05-27T15:20:57","modified_gmt":"2020-05-27T05:20:57","slug":"covid-19-recovery-how-to-conduct-a-swot-analysis","status":"publish","type":"weekly-digest","link":"https:\/\/collinsfinancialgroup.com.au\/weekly-digest\/covid-19-recovery-how-to-conduct-a-swot-analysis\/","title":{"rendered":"COVID-19 Recovery \u2013 How to conduct a SWOT Analysis"},"content":{"rendered":"

The SWOT analysis matrix is one of the most well-known models in the business world. It’s used to fine-tune your business strategy by examining internal and external factors that may help or hinder your business. Identifying and understanding the strengths, weaknesses, opportunities, and threats – that’s what SWOT stands for – allows you to address them and make smarter decisions moving forward. With the coronavirus outbreak affecting every country, now is a good time to take stock of your business and think about what you can improve.<\/p>\n

A SWOT analysis will help you to identify each of these characteristics for your business so that you can better understand what you’re doing well, what you could improve, and which external factors could affect your business.<\/p>\n

Understanding the SWOT Matrix<\/h3>\n

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SWOT analyses uses a simple 2 by 2 matrix, but don’t let the simplicity fool you. This is a powerful tool that can quickly help you assess your business’s health and potential. Each of the four squares is used to group the individual SWOT factors:<\/p>\n

Look at the grid above and you’ll see that the first row contains the internal factors – strength and weaknesses. These are factors you have some control over as they are internal to your business. For example, your highly trained staff is a strength, and it’s a result of your hiring decisions and training investments.<\/p>\n

The second row contains external factors – opportunities and threats. These are outside factors that are beyond your control. For example, a competitor may try to lure away your best employees, a natural disaster may create a demand for certain products or services, or a new technology may change how a process is done. COVID-19 has been a significant threat for many businesses.<\/p>\n

Now look at the grid’s first column. It contains strength and opportunities. Those are both positive factors<\/em>. They are helpful. The second column lists the issue’s weaknesses and threats, both of which are negative and harmful.<\/p>\n

Our free SWOT template<\/a> provides you with a highly visual way to assess any number of business concerns including, but not limited to, the following:<\/p>\n