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Want to find out what's working well in your business and uncover what's not?
Do you ask yourself where you want to go as a business, how you might get there, and what potentially might get in your way?
These are big questions and our new SWOT analysis widget can help you to understand your current position before you decide on a new strategy.
Using a SWOT analysis to create a business strategy
A SWOT analysis is an incredibly simple, yet powerful tool that every company should add to their toolbox. The abbreviation stands for Strengths, Weaknesses, Opportunities, and Threats.
Each of these four areas makes up one quadrant in a SWOT analysis. This visual arrangement provides a quick and easy overview of the company's current position which can then be used to decide on a new business strategy.
Strengths are an integral part of your organization and are things that your organization does particularly well, or in a way that differentiates you from your competitors.
Weaknesses are areas where you need to improve to remain competitive. Identifying these weaknesses requires a bold and honest assessment of your business.
Opportunities are openings that are likely to contribute to your growing success.
Threats include anything that can negatively affect your business from the outside such as shifts in market requirements and new competitors entering the market.
You may think you already understand everything about your business that you need to succeed, but a SWOT analysis will force you to think of new ways, and allows for better divergent thinking to create an enhanced vision for your business.
Introducing our new SWOT Analysis Widget
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We are very excited to bring to you our new SWOT analysis widget, available in the Teamwork Spaces editor. Simply click the More Options button and select the SWOT Analysis option to get started with your team.
With this widget, you can now start adding to each of the four quadrants to understand the strengths and weaknesses of your company and the potential opportunities and threats which could impact the business going forward.
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How to get started
Get your team contributing in a brainstorm and then start narrowing down these inputs until you’ve your top 5 items for each quadrant.
Our SWOT analysis widget offers the ability to:
Add items to each individual quadrant
Reorder items in a quadrant using drag and drop by using the drag handle to drag the item to its preferred position
Move items from one quadrant to another using drag and drop by selecting the drag handle on the item and dragging it to the preferred quadrant
Delete items by clicking the 'x' on the item you wish to remove
Full-screen mode by clicking the full-screen mode icon
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We really hope you love this feature as much as we do!
As always if you have any feedback please leave it in the comment area below or contact us at spaces@teamwork.com. We love to hear from you.
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