SWOTT Analysis

A SWOTT Analysis is used to identify the strengths, weaknesses, opportunities, threats and trends present within a company's environment. Identifying these things gives a list the company has going in its favor as well as areas they may need to improve. Without taking the time to analyze these areas, the company may be offering services/products they are not equipped or knowledgeable enough to handle, or they may not be using their stronger areas to their full potential.

Strengths

Strengths are identified as "a successful application of a competency or exploitation of a critical factor to develop company competitiveness" (Kearney, 2007). These are areas benefiting the company. In order to identify these particular strengths, the company must sit down and analyze what things they have available to them and what areas of products/service they do well. Some questions to consider could be: What do you do well? What are your assets? Where are you making money? What experience do you have? What unique aspects to you have to offer your company?

Weaknesses

Weaknesses are a huge consideration when embarking into a business; it identifies the areas a company needs to consider working on and improving. "A company weakness is an unsuccessful application of a competency or the non-exploitation of a critical factor that diminishes company competitiveness" (Kearney, 2007). Some of the questions and considerations for a business idea: What do you need? Where are you loosing money?

Opportunities

Opportunities give a company an advantage over the competition and are identified as "an external condition that could positively impact the company's critical performance parameters and improve competitive advantage provided positive action is taken in time" (Kearney, 2007). Some important opportunities currently considered and available to our company: What new needs of customers could you meet? What are the economic trends that benefit you? What are the technological breakthroughs? Where niches have your competitors missed?

Threats and Trends