This article is about putting SWOT together which stands for Strengths, Weaknesses, Opportunities and Threats.We are going to talk how to develop SWOT to help your organization. The SWOT matrix is 2 x 2 Matrix which is divided into 2 parts, first part made up of strengths and weaknesses and second part contains opportunities and threats.In SWOT matrix identify the strengths to capitalize, weaknesses to overcome, Opportunities to utilize or invest on it and threats to defend.
The purpose of dividing to segregate the internal and external environment means the strengths and weaknesses are internal to the company and opportunities and threats are external to the company. The internal part of the matrix is under control of the organization and external part is not in control of organization, this point is super important keep it in the mind while developing SWOT matrix of your organization.
The internal strengths and weaknesses data are based upon organization capabilities,resources and processes on the other hand external opportunities and weaknesses data are based upon industry, competitors and environment. After compiling the information and placing in SWOT matrix can help the organization to define objectives, set goals and formulate strategies. The SWOT matrix is used to develop SO (Strength-Weaknesses), WO (Weakness – Opportunities), WT (Weaknesses – Threats),and ST (Strengths – Threats) Strategies.