The SWOT-matrix is a strategic planning tool used to understand and identify strengths, weaknesses, opportunities, and threats in an organization.
Strengths: Which characteristics of the business or project gives it an advantage over others?
Weaknesses: Which characteristics of the business or project places it at a disadvantage relative to others?
Opportunities: Which elements in the environment could the business or project exploit to its advantage?
Threats: Which elements in the environment could cause trouble for the business or project?
Why use the SWOT-matrix?
Using the SWOT-matrix has many advantages:
- Intuitive way to map internal characteristics of your business and external elements in your environment that may affect your business
- Lets you visualize how you can use your strenghts to exploit opportunities or reduce risks
- Easy way to structure your brainstorming and encourage conversation in your team
How to Create Your SWOT-matrix in Upwave
The easiest way to utilize the SWOT-matrix is to use an online tool, like Upwave, where you can update the canvas in real-time and collaborate with your collageus. To get started with SWOT in Upwave, go to templates and choose “SWOT”. To add a card, just click inside the box where you want to add it. Try to keep the text short and concise. Use different colors for strengths, weaknesses, opportunities and threats.