How to use the ANZ SWOT analysis template
'SWOT' stands for Strengths, Weaknesses, Opportunities and Threats. It's an analysis that helps to fine-tune your business strategy.
Strategic planning is one of the biggest concerns of any business – from the biggest corporates to the smallest enterprise. Everyone wants to move their business forward, but finding out where you should go and how you will get there can be a challenge.
Conducting a SWOT analysis helps provide direction by shining a light on what your business does well and where you’ll need to improve.
Usually strengths and weaknesses are internal aspects of your business (what are you good at, what are you not so good at), while opportunities and threats are external forces (what is likely to impact on your business in a negative or positive way).
While your SWOT analysis centres on your own business, there are some ‘typical’ SWOT characteristics of small businesses such as being time-poor and cash-strapped that tend to impact on all businesses.