Have you wondered why IT companies are surging non-stop? Well, one of the reasons is the strong demand for their products and services. Keep making strategic plans in terms of your internal strengths, weaknesses, as well as external opportunities and threats to stay in the It and software market competition. Here, we can help you a bit to increase the pace of this process of yours with our ready-made IT/Software SWOT Analysis Templates. You can download them in multi-format like Microsoft Word, Apple Pages, and Google Docs. All these templates are 100% customizable and printable. Choose the best fit for your company now. Subscribe and start downloading from our gallery now!
How to Make an IT/Software SWOT Analysis?
Whether you are an existing or a start-up IT company, a SWOT analysis is crucial to your business. This document provides you with an overview of your company and its products or services’ strengths, weaknesses, opportunities, and threats. Through this simple yet effective document, you can organize your thoughts and create strategic plans. According to Smallbusiness, a company should perform a SWOT analysis regularly. This analysis helps them to use resources efficiently, improve business operations, discover new opportunities, and deal with risks.
There are many templates that you can use as a guide when creating a SWOT analysis. Remember that you will present this document in your organization, so make sure it looks professional. If you are planning to create one, try applying these tips we prepared for you:
1. Draft Your SWOT Analysis Document
When making your SWOT analysis, make sure to have specific tables and spaces for recording strengths, weaknesses, opportunities, and threats separately. You can also colorize each table using subtle colors. Before you emphasize your SWOT analysis, make sure to write an introduction about the coverage of your business SWOT. It can be either your company as general or your specific product or service.
2. Identify Internal Strengths
In this section, you need to identify your internal strengths. It can be either of the following factors: business processes, resources (manpower or equipment), skills, talents, and knowledge (employees), assets, and competitive advantage.
3. Identify Internal Weaknesses
In this section, identify your internal weaknesses such as skills or resources gaps, areas that need improvements, or factors that are lacking. Your weaknesses can either be your software products and services or some aspect of them. Once you identify the weaknesses, with the help of a proper management plan you can also overcome them.
4. Identify External Opportunities
Identify the following factors and create strategies on how you can capitalize on them: market trends, consumer behavior, - events, government regulations, government policies, and new technologies.
5. Identify External Threats
Your external threats are risks that may adversely impact your company. Upon identifying such risks, make sure to create a strategic plan to mitigate the threats. Your external threats may include the following factors: supply and demand, competitors, market and consumer trends, consumer behavior, technology, and government policies or regulations
6. Proofread Your SWOT Analysis
Upon completion of your SWOT analysis, make sure to proofread it before you present it with your teammates or senior management personnel. Check for typographical, grammatical, and alignment errors. Also, review all the data that you have written and make sure that they are facts that are relevant to your topic.
