Many businesses like to use SWOT analysis in order to look at the external and internal strengths of the company. They can be changed, but often it does require work, and that’s what a SWOT analysis provides. It’s a big part of the overall business planning process, and it will save a person a lot of time later on.
So how does one create a SWOT analysis paper? This article will discuss how it’s done, and what one needs to have in order to create the best and most in-depth SWOT analysis paper possible.
Break It Down
First, the analysis paper should be broken down into three parts that will help you out, and they are as follows:
- The company itself;
- The analysis;
- The strategies to convert weaknesses to strengths;
- The ability to handle opportunities and neutralizing threats;
- Any other growth strategies.
This is what the paper should be about, and by having all of this here, you’ll be on your way to starting a successful paper.
Talk about the Company
In the paper, you have to begin with just what the company is. An introduction will tell your reader about it and what its product is.
Some things to include are the following:
- Who they are, the name of the company, the place they originate, and maybe a date of origin;
- The product that they have.
This is a short section, but it’s important to have as an introductory section.
Analyze the Elements
Now, let’s go over each of the elements you need to focus on. These are usually the findings from your SWOT analysis.
The first is strengths. What is the company doing right now? What capabilities do they shine in? The resources both internally and externally such as talking to customers or even looking at the company’s assets is a huge part. This is what they give to provide that advantage over others. Usually seeing the customer satisfaction, walking in, or even looking at logos work as well.
Weaknesses are next, and they’re what the company isn’t doing so good with. These can be factors that are stopping them from getting more out of their advantages as well as do not let the company move forward and get more clients. Thus, the marketing plan and budget are also good to look at.
Then, there are opportunities. These are the external factors that the business can benefit from, be it the customer repute, the environment, or even growth of various facets that the company should take advantages of. Analyze the window, and even the timing of it. Various events can also affect the opportunities that the business might face.
Finally, there are threats. These are the external factors that could potentially harm the business. These are competitors using various ads and partnerships, your own media expense, any new technology that could be released, the change of supply and demand, the shifting attitudes that others might have, any other external situations that could be there, and anything that’s beyond the control of the business owner that’s putting the business at risks.
Put all of these down in various sections in the paper, giving an analysis of the overall look of the business, and what is going on there.
Convert the Weaknesses
Next, you need to convert the weaknesses to strengths. This can be looking at the listed weaknesses and looking at new strategies to help one succeed.
This can be anything from a better social media presence, such as a Facebook page or an Instagram account for the business, which will help convert more people depending on the business being analyzed.
At this point, look at the other programs that can be added. Maybe the business lacks a loyalty program, so one can create it. Or maybe, it needs to be relocated. These are all weaknesses that could come forward, thus, better have a look at what they are and find some low-cost ways to fix them.
Analyze Growth Strategies and Opportunities That Might Arise
Finally, now that the weakness to strength conversions have been seen, it’s time to create a growth strategy. This means creating a plan to increase the business, using the opportunities that show up. This can include a bigger social media presence, more events, new locations and business hours if needed, any new factors that can show up more discounts and sales.
To look at the growth is to also look at the threats. See the threats there, and work to reduce them, or completely neutralize. This can be reducing the ad budget or moving towards the quality ads, and from there, the business can grow, using whatever shows up that reduce any outside elements that are affecting the overall business repute.
By integrating all these points into the paper, one can create a professional essay from scratch that will showcase a great look at the business. There are four elements that need to be looked at, and if they’re analyzed completely and in an in-depth manner, it can provide a picture for the business to look at in order to help them better understand the path they must take next as well as different opportunities that might arise as well.