SWOT analysis template

Benefits of using a SWOT analysis template

Starting a big project can be intimidating. Whether an individual is preparing for a group discussion or working on their own, the SWOT framework can help them step back and look at the big picture. 

A SWOT analysis template contains enough detail to frame discussions and provides an outline for gathering the contributions and ideas of other team members. While not detailed enough for an in-depth analysis, it’s perfect for the initial stages of a project plan.  

Read on to explore some of the best use cases for a SWOT analysis.

Optimized strategic planning

A business SWOT analysis can be an excellent place to start strategic planning for a major project, as it can simplify and clarify the issues involved. For example, a product manager creating a product roadmap for the next quarter might opt to use a SWOT analysis to assist in prioritizing features to develop.

Improved decision-making

One of the main benefits of a SWOT analysis template is to improve decision-making. For example, when evaluating several cloud hosts, an IT team might fill out multiple SWOT templates, noting the pros and cons of each vendor, such as cost, ease of migration, compatibility with existing systems, and staff experience.  Comparing the completed templates side by side would make it easier to visualize the issues and simplify the choice.

Better risk management

While cost and market share are important in many decisions, so is risk management. For example, the product manager planning a roadmap might use the SWOT framework to balance the risk of developing a resource-intensive feature against customer demand for the functionality. 

Enhanced collaboration

A SWOT analysis template is a handy tool for collaborating with a group. The template serves as a framework to help structure the discussion and keep the meeting focused on the most important issues.

Encourages prioritization

Big projects almost always present a tangle of issues, such as cost, speed, available human resources, and time to completion. The SWOT analysis template can highlight issues context decision-makers might otherwise overlook, providing insights to aid prioritization. For example, a team might initially view a small budget as a weakness or an obstacle. If they juxtapose the cost of the project against its revenue potential, they may decide that the upside is worth the expense.