SWOT analysis: A how-to guide and template (that won't bore you to tears)

A SWOT analysis is a strategic planning technique that helps businesses evaluate internal and external forces to gauge their current business and plan for the future. It involves identifying strengths, weaknesses, opportunities, and threats to understand the positive and negative forces that a company contends with internally and externally. A well-crafted SWOT analysis provides a high-level overview of a company's current position in the market and potential areas for strategic focus. However, it is essential to understand its limitations, as the results are subjective and qualitative, lacking detailed quantitative data. To make the most of a SWOT analysis, businesses should pair it with other analytical tools and research methods, such as a PEST analysis or buyer personas. The analysis can be applied to multiple business facets, incorporates multiple data sources, helps set realistic goals, identifies competitive advantages and market opportunities, and can be used to break down large problems into manageable reports. By combining strengths and opportunities, businesses can identify new messaging and prioritize additions or improvements, while weighing strengths versus threats to gauge the company's health.