Working through a SWOT & PESTE Analysis enables you to brainstorm with your team/advisors and focuses on the areas which are critically important to change or improve in your business.
Brainstorming these in the planning phases of new projects creates discussion and assists with setting strategic and operational goals. Want team buy in on your goals? Get your team to take part in this process too, they’ll have valuable input and will be more motivated to work on goals they were involved in creating.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Usually, but not exclusively, the business’ strengths and weaknesses are internal factors, and opportunities and threats are external ones.
A PESTE analysis is often used in conjunction with a SWOT analysis. It measures how external influences (Political, Economic, Social, Technological and Environmental) can affect a business’ current and future activities and performance.
Why are SWOT and PESTE analyses useful to you?
SWOT and PESTE analyses are valuable tools for understanding and making decisions in all areas of business. The identification of internal and external factors that will affect the business’ future success is crucial to succeeding in business. Have you thought of all aspects of your project or is it still fragmented? Need a cohesive strategy? This tool allows you to evaluate your position in the marketplace, think about what your competitors are up to, see where you need to improve internally and identify and mitigate risks, putting your business in the best shape to get you achieving your goals.
Use SWOT and PESTE to work out ways to minimise risks and maximise opportunities, and find out what impact certain issues might have on the business profit over time. After all, what do you want to achieve in the next 12 months?
This is a valuable exercise to do in any business, no matter what age or stage. Check out the SWOT & PESTE Workbook or give us a call on 04-972 4182 if you need any assistance.