Analyze collected data
Once you have relevant data, start analyzing it. The data you’ve gathered should help you answer each of the four pillars of a SWOT analysis.
For instance, your surveys might reveal that your customers are unhappy with your product quality, which would be a weakness. From there, you could work to find other threats (such as a competitor that creates better products) or opportunities (perhaps a new manufacturer who could produce higher-quality items).
After you’ve identified the key elements of your company’s SWOT, start developing strategies for improvement. This is where you will take the information from your SWOT analysis and use it to create a plan for moving forward. This might mean updating your marketing strategies, improving manufacturing processes or doing something else altogether, depending on your industry and SWOT analysis.
With its targeted mission and step-by-step execution, a SWOT analysis is an effective tool for optimizing business strategy and performance, no matter the industry.
Earn a business degree from University of Phoenix
University of Phoenix offers several online business degrees that prepare students with skills necessary for a variety of career paths. These include:
Associate of Arts with a concentration in Business Fundamentals — From management to accounting, the skills learned in this program are essential for anyone looking to advance their business education.
Bachelor of Science in Business — Knowledge of the ins and outs of running a business can spell the difference between success and failure in a competitive world.
Bachelor of Science in Management — This program covers management, operations and strategic planning skills.
Bachelor of Science in Data Science — Discover techniques to transform structured and unstructured data sets into meaningful information that can be used to identify data patterns and trends and drive strategic decision-making.