A SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is a powerful tool for businesses of all sizes to understand their current position and plan for the future. It helps founders, business leaders, and teams to assess both internal and external factors that impact their business, guiding them toward informed decision-making.

The concept of SWOT Analysis dates back to the 1960s when Albert Humphrey, a management consultant at the Stanford Research Institute, used it to identify the reasons why corporate planning failed. Today, it is widely used across industries because of its simplicity and effectiveness.

At its core, a SWOT Analysis allows you to map out:

• Strengths: What your business does well, what makes you competitive.
• Weaknesses: Areas where your business could improve or is lacking.
• Opportunities: External factors or trends you can leverage for growth.
• Threats: External challenges that could impact your success.

Who should use a SWOT Analysis? It’s for founders, entrepreneurs, startups, small business owners, and even large corporations. Whether you are launching a new product, entering a new market, or simply conducting a health check on your business strategy, a SWOT Analysis is a critical tool.

This free resource from Foundra.io is available as both a downloadable PDF and a Google Sheet.

You can use it in a few simple steps:

1. Download Your Copy: Get the PDF for a printable version, or access the Google Sheet to work directly online.
2. Explore the Example: We’ve included a pre-filled SWOT Analysis example (Duolingo) to show you how it’s done.
3. Fill Out Your Own Analysis: On the blank template, consider the following sections:
   1. Strengths: What do you excel at? What are your unique selling points?
   2. Weaknesses: Where do you fall short? What needs improvement?
   3. Opportunities: What market trends can you take advantage of?
   4. Threats: What external factors could harm your business?
4. Be Specific: Use clear, detailed points rather than vague descriptions. For example, instead of “Good marketing,” use “High social media engagement rate.”
5. Review and Refine: Once completed, review your SWOT Analysis with your team. Prioritise the most important insights.
6. Strategise: Use the insights from your analysis to plan actions, such as leveraging strengths or mitigating threats.

Be Honest: Your SWOT Analysis is only useful if you are realistic. Do not hide weaknesses or overstate strengths.

Collaborate: Involve team members from different departments. Their perspectives can offer valuable insights.

Stay Focused: While it’s tempting to list everything, focus on the most critical points. Quality over quantity.

Regular Updates: A SWOT Analysis is a living document. Revisit it regularly, especially during major business changes.

Use It for Action: Don’t just complete the analysis and forget it. Translate your insights into actions, whether it’s launching a new product, improving customer service, or exploring new markets.