If you’re looking to analyze a business or product, SWOT analysis can be a straight-forward, but yet extremely effective tool. It takes into account only the most important factors (Strengths, Weaknesses, Opportunities, and Threats), but still provides a good outlook on the circumstances your organization or venture finds or might find itself in.
SWOT analyses are often praised for their simplicity — you list the different variables on paper (or in a SWOT Matrix, i.e. a SWOT table), and can make some meaningful conclusions just by reviewing them. However, many individuals may run into uncertainty when trying to decide whether or not something fits into one of the categories, and if so, which?
In this series of articles, we’ll be focusing individually on each of the four categories, explaining their definitions and importance, and giving informative examples. Strengths in SWOT analysis have already been covered, which leaves weaknesses for this article.
Contents
Every organization or venture has its weaknesses — things that they don’t do so well (or even do poorly), or things that aren’t so good about them/it. Weaknesses are particularly noteworthy if they prevent you from achieving your ‘mission’ (even if that’s just earning money), or make doing so more difficult. This might mean unnecessarily leaking finances, improperly targeting clients, or poorly executing a service, among other things.
In more robust terms, we say that weaknesses are negative and internal — they cause harm (or prevent benefit), and are intrinsically related to how the organization is managed or the venture is realized.
The difference between weaknesses and threats is much like the difference between strengths and opportunities: that the latter is external. This means that every organization or venture competing in the same space faces the same threats, but the weaknesses are unique to how the entity is run/designed.
If you know your weaknesses, you can work towards improving them. As mentioned previously, some weaknesses can prevent you from achieving your mission and goals, so if you can get rid of them, it’s certainly worth doing so.
A few good examples should help to clarify what exactly constitutes a ‘weakness’. Here are some both general and specific examples:
For more examples, be sure to check out our complete SWOT analyses available here.
Bringing it all to a conclusion, weaknesses are negative, internal properties of all organizations and ventures. They warrant attention, as otherwise they can prevent the reaching of goals or realizing of missions. Examples of weaknesses are visible in every organization, even powerful, global ones across service and goods sectors.
Do you know of other specific examples of weaknesses in SWOT analysis? If so, do let us know in the section below, along with your questions and comments.
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