A practical tool to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an initiative is SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis.
SWOT is a strategic planning tool created by Albert Humphrey to evaluate the Strengths, Weaknesses, Opportunities, and Threats implying the ability to specify the objective and then identify the internal and external factors that are favourable and unfavourable to achieve that objective.
The SWOT Analysis is a simple but useful framework to analyse strengths, weaknesses, opportunities and threats of your planned action and involving the planning process to guarantee a sounder strategy and planning.
It helps you to build on what you do well, to address what you are lacking, to minimize risks and to take the greatest possible advantage of chances for success.
- Strengths: What are the best features of your product/service? What do you offer people that others cannot or do not?
- Weaknesses: What are some average features of your product/service that others do much better?
- Opportunities: What are some areas that your company could thrive in that it is not currently taking advantage of?
- Threats: What are some external factors—competitors, consumer demand, economic conditions—that could make it more difficult for your business to succeed?
Example: Hiring a summer intern