A SWOT analysis stands for strengths, weaknesses, opportunities, and threats is an analysis technique used for the determination and definition of business or project strengths, weaknesses, opportunities, and threats.
Everyone has come across the term “SWOT Analysis” in the corporate sector. SWOT analysis is a technique used to evaluate the feasibility and viability of a project or business.
In this article, you will learn what is a Swot Analysis Template Excel? Who should apply a SWOT analysis template?
About SWOT Analysis
The SWOT analysis is the part of project strategic planning that provides effective information and statistical data of project to top management and project managers, on the bases of the make decision and strategic planning.
Not only providing data, However, A SWOT analysis also helps to improve project or business progress internally and externally by eliminating or reducing weaknesses and issues.
Furthermore, when we identify or track issues, weaknesses, we can easily eliminate them or reduce the impact on the project by strengthening the project or availing new opportunities.
How to Conduct a SWOT Analysis?
Now, this analysis can be conducted in two types, either on paperwork or on software and most preferably on excel template. This excel analysis template is user-friendly, anyone can operate it.
So, you have to open this spreadsheet, there is a blank diagram can be seen. Firstly, we have to put data on figures in datasheets, place information about project on this sheet. This information may include project id, planning, scope, risk plan, earned value analysis data, etc.
After that, by clicking on the analysis button, this sheet will auto calculate and analyze and will show the result on the SWOT diagram.
Elements of Swot Analysis Template Excel
The core elements of the SWOT analysis template are strengths, weaknesses, opportunities, and threats. Let’s have a detailed look into each element.
Strengths: It’s the first element of the SWOT analysis. It’s an internal and positive attribute of the company or project.
As clear from the work. It discusses and enlists the core competencies of the project or business. Strength can be both tangible and intangible.
It can be anything such as human resources, brand attributes, unique selling proposition, and any other competitive advantage over the competitors.
Weaknesses: The second element of the SWOT analysis is weaknesses. It’s also an internal but negative attribute of the company that requires immense focus.
Weakness can be anything that holds back the project or business from the success and competition with the competitors.
Weaknesses can be both tangible and intangible such as shortage of resources, unavailability of technology, and gaps in the team.
Opportunities: These are the external factors that can contribute efficiently to the success of a project or business. In this section, market analysis is performed to look for opportunities for the success of the business. Opportunities such as growth, upcoming events of business interest, positive changes in the business, and brand loyalty.
Threats: It’s the final element of the analysis that is an external factor, so business and project team has no control over it. However, contingency plans and risks analysis type approach can be used to mitigate the probabilities and nullification impacts’ severity.
The most common threats are new emerging competitors, a fast revolution of technology, unstable political situations, financial risks, and anything that can jeopardize the growth or the success of business or project.
How to use a Swot Analysis Template
After the evaluation of all four elements of SWOT analysis. There will be a list of steps one needs to take. It will include the recipe to build more strengths, boost the weaker areas, exploitation of new opportunities, and heading off from the threats.
Therefore, the SWOT analysis matrix is analyzed for finding opportunities out of strengths. Else how to eliminate the weaknesses using the strengths.
It helps in the selection and prioritization of ideas, so the money and time resources can be spent on the potential ones.
Format of Swot Analysis Excel Template
Here are a few points that considerably important for this template;
- Project Feasibility report data
- Project Planning
- Risk Management plan
- Project Scope