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by
Kenneth Wyrick
- 02/14/2018 22:45:35
https://www.thebalance.com/every-business-needs-a-good-swot-analysis-1794147
Using a SWOT Analysis Matrix
A SWOT matrix is usually depicted as a square divided into four quadrants. Each quadrant represents one element of the SWOT analysis -- Strengths, Weaknesses, Opportunities, Threats.

Questions to Ask During the Process
The easiest way to start filling in each quadrant in the matrix above is by answering a series of questions. Use the list below to get started, focusing on the questions that are most relevant for your business and current situation.

Strengths: For this quadrant, think about the attributes of yourself and your business that will help you achieve your objective. Questions to consider:

What do you do well?
What are your unique skills?
What expert or specialized knowledge do you have?
What experience do you have?
What do you do better than your competitors?
Where are you most profitable in your business?

Weaknesses: For this quadrant, think about the attributes of yourself and your business that could hurt your progress in achieving your objective. Questions to consider:

In what areas do you need to improve?
What resources do you lack?
What parts of your business are not very profitable?

Where do you need further education and/or experience?
What costs you time and/or money?

Opportunities: For this quadrant, think about the external conditions that will help you achieve your objective. Questions to consider:

What are the business goals you are currently working towards? https://www.thebalance.com/four-common-small-business-goals-to-inspire-you-2951810
How can you do more for your existing customers or clients?
How can you use technology to enhance your business? 
https://www.thebalance.com/low-cost-technology-solutions-2951652
Are there new target audiences you have the potential to reach?
Are there related products and services that provide an opportunity for your business?

Threats: For this quadrant, think about the external conditions that could damage your business's performance. Questions to consider:

What obstacles do you face?
What are the strengths of your biggest competitors?
What are your competitors doing that you're not?
What's going on in the economy?
What's going on in the industry?

https://www.thebalance.com/smart-goal-setting-101-2951829
https://www.thebalance.com/swot-example-strengths-weaknesses-opportunities-threats-2947985
https://www.thebalance.com/quick-start-business-planning-for-small-businesses-2947989
https://www.thebalance.com/business-definition-2947960