Saurabh Gorantiwar

SWOT stands for Strengths, Weakness, Opportunities and Threats. This technique is strategic tools for accessing business in these four aspects. As you access your business in these areas, It support what you have and use for the advantages of the business and you can focus on the reduction of hazards which may create a challenge to your business.
 
As uses by business to analyze the current scenarios and to plan the upcoming strategy . You can identify what is in favors of business, what are not favorable and how to achieve it. To drive all these ares SWOT analysis is perfect tool.
 
To perform SWOT Analysis , It should be done in 2 X 2 Matrix. Each matrix has an area for S , W , O and T.
 
First Matrix is ‘S’ – It stands for Strengths.
 
In this matrix , You should focus on the area where you are doing better. In this area you may be doing better than your competitors. In this area you should always focus on your USP (Unique selling point). When you focus on strength ensure that it is real strength not a mere requirement.
 
You can put example like your process , your quality , Cost etc.
 

 
 
Second Matrix is ‘W’ – It stands for Weaknesses.
 
In this matrix, You should focus on the areas you need to improve. In this area Honesty is the best policy. In this area when you compete yourself with your competitor that makes you behind. You can also take view from other stakeholder how they see you as compare to competitors. And then thinks the areas which you could improve or avoid the current practice.
 
Third Matrix is ‘O’ – It stands for Opportunities.
 
Opportunities are the situation which might happen and may give you a positive benefits and you can grasp them. These are usually happens outside your area and you need to focus on it . In this matrix you can collect all these areas.
 
You can focus on new development in market , New Government policy or any major market strategies  which may support your business.
 
Fourth Matrix is ‘T’ – It stands for Threats.
 
Threats are the situations happens outside your business which can give negative effects. These are the obstacles that you face for your business to perform. In this matrix you need to collect all the threats and take a suitable action on the same before it arises. Here you can also focuses on your competitors but do not do what they do. Keep your focus on the solving or reducing the impact before it arise.
 
The situation like New technology evolve, Future supply chain problem , Natural calamity affecting the process , Pandemic scenario , Labor challenges. These can be an example for Threats in business.
 
 
How to you use it in business excellence.
 
The major advantages of SWOT analysis is to provide input to the business excellence team and transform the Business. These are some of the areas where we can use SWOT for business excellence.
 
1.      Business excellence team can structure to their working philosophy with SWOT of overall business.
2.      SWOT will give input for business excellence team for driving improvement.
3.      It help business excellence team to determine initiative and Project.
4.      Team can also use SWOT analysis approach for input generation during start of the project.
5.      This can be used inline with VOC-QFD analysis for generation of major Areas for development of Long term plan.
6.      Business excellence team can also use SWOT analysis for re-design the process and make the system more Agile to face a future challenge.
 
 
Conclusion              
 
SWOT analysis in one of the best strategic tool use for business as Good business must be competitive. This Analysis help us to visualize the AS IS scenario of the business and support to be work on it. This analysis is not restricted to the business. We can use SWOT analysis for Personal development ,Employee development , Business Process Management. The beauty of this analysis is we can think what stop us to improve and how we can improve in 2 X 2 Matrix.