A strategy is generally considered an effective action plan or a well laid out blueprint for action. Therefore, in order to be able to perform better at work, especially in the competitive world of business today, you have to be aware of the various strategies that can help you become successful. Some of these include being familiar with different strategies that can work wonders for you, coming up with a winning strategy, and then executing it the best way you can. One of the ways you can come up with a winning strategy is through the process of SWOT analysis template for Excel and Google Docs. This is a set of strategies used by traders and investors to determine the standing of any given company based on its strengths and weaknesses.
The SWOT analysis template for Excel and Google Docs allows you to come up with a comprehensive business strategy by using the indicators that are often used by business leaders, including the strength and weakness of a company or even its chief competitors. You will also be able to apply this information by analyzing market data and the overall performance of the company in the industry. When you use the information to formulate your own strategy, you will know exactly what actions need to be taken in order to ensure that the business will survive and succeed in the long run. After all, survival means becoming more profitable and the only way to become more profitable is if you are able to keep your customers loyal and happy.
SWOT Analysis Template for Excel and Google Docs
The first thing you should do is analyze the information you have gathered. It would be wise to use the entire SWOT formula so that you can come up with a comprehensive analysis. Start by adding up all the positive and negative indicators that you can think of and see if there is a pattern to them. If there is a pattern, you should identify the reason behind the trend and look for a feasible solution. You should also look for any inconsistencies in the patterns and see if they can be dealt with depending on the nature of the business you are running.
What questions should be asked during a SWOT analysis?
The moderator of the discussion should try to come up with a few questions for each of the four areas that can help guide and inspire the discussion. Below are some sample questions to get you started. A few of these are included in the SWOT analysis templates.
- What do our customers love most?
- What are we more efficient at?
- What can we do for less money?
- What can we do in less time?
- What do we do better than our competitors?
- What makes us stand out?
- Where do we lack efficiency?
- Where are we wasting money?
- Where are we wasting time and resources?
- What do our competitors do better?
- What are our top customer complaints?
- Where do we lack expertise?
Opportunities [keep in mind these are growth areas]
- What is missing in our market?
- What could we create/do better than a competitor?
- What new trends are occurring?
- What new technology could we use?
- What openings in the market are there?
- How/where could we grow?
- Do our strengths open up new opportunities?
- What changes are occurring in our market’s environment?
- What technologies could replace what we do?
- What changes are occurring in the way we’re being discovered?
- What social changes could threaten us?
- Are there any threatening government policies or regulations?
- What outside resources and companies do we depend on?
- Do any of our weaknesses expose us to additional threats?
Once you have analyzed all the information that you have gathered, you can actually create the analysis template in Excel. There are many tools that are available online and most of them are quite flexible so you won’t have problems when creating the template based on your requirements. The information that you will include in the template should include everything that pertains to the business like the goals and objectives, the strengths and weaknesses of the company as well as the current competitive landscape.
The next step is to identify the factors that could affect the survival and success of the business. For example, the competition could be the entry barrier to the company. There may also be other external factors that could affect the success of the business. Identifying the main cause of the crisis is important because it allows you to come up with a strategic plan B to deal with the crisis.
The analysis templates for Excel and Google Docs allow you to get some practical examples to help you understand better the current situations of your business. By doing so, you can have a better understanding of how you will conduct the business operations in the future. You can also use the templates to check whether the strategy that you have developed is working or not. This is useful in that you can always check whether the same strategy will work in the future to increase the chances of success.
Most importantly, the strategic planning through an analysis template in Excel and Google Docs helps you create action plans that are needed in order for the business to achieve its goals. It should be noted that a business’ success often results from the implementation of good strategies rather than the implementation of individual policies. If a business wants to be successful, then a comprehensive strategic plan should be developed that is able to provide solutions to various issues faced by the company.
The templates may also be used to prepare reports on the results of the company’s strategic initiatives. These reports are usually used for presentations at conferences and for management planning at the top levels of the organization. What is important is that a company gets all the information it needs in order for it to be able to assess the situation properly. Through this, a company is able to come up with the right information and actions that will be able to achieve the goals it wants to achieve and improve the status of its products and services.