What is a SWOT analysis?
As part of our ongoing payments, we offer internal audit support and prepare documents that adhere to certain clauses within each of the ISO standards we offer.
In a previous article of ours we explained that under clause 4.1 of ISO 9001; “The organization shall determine external and internal issues that are relevant to its purpose and its strategic direction and that affect its ability to achieve the intended result(s) of its quality management system.
The organization shall monitor and review information about these external and internal issues.”
But what does this mean?
Businesses are expected to address the risks and opportunities as determined in accordance with the requirements of 6.1 and analyse the relevant needs and expectations of workers and other interested parties and must evaluate all internal and external influencing factors.
As part of the evidence to support clause 4 and 5 and adhere to ISO 9001 and other ISO standard’s compliance, Compliant work with clients to complete a SWOT analysis.
Read on to discover what a SWOT analysis is.
What is a SWOT analysis
A SWOT analysis is developed to review and document the Strengths, Weaknesses, Opportunities and Threats for a business.
A SWOT analysis is often used during the process of strategic planning and works well when implementing a quality management system such as ISO 9001. The framework is a great tool for decision-making as it helps an organisation to identify previously unidentified prospects for success. It can also flag areas of concern before they become too serious.
As part of our management system creation, we offer a proven SWOT template that is populated generically and appropriate for stage 1 and stage 2 audits.
Next comes the surveillances where we encourage clients to opt for our ongoing payments to ensure they have access to our pre audit support which includes the bespoking of the generic SWOT ahead of audits.
When working on a SWOT analysis our internal auditors help clients to look for areas where they might have a competitive advantage including certain market segments.
Elements of a SWOT analysis
We base our SWOT analyses on real-world knowledge and information; working directly with clients to ensure each area is up to date and accurate. There are 4 areas that our internal auditors consider including:
- Internal variables that support overall business success are considered. This includes finances, investment opportunities or lack of, skillset of workforce, training, brand and reputation. Details on each of these areas can be explored with our internal auditors and expanded upon.
- Internal resources and qualities that contribute to success are also considered. These include product range, areas where products are enhanced or developed, devoted clients and customer loyalty, good or poor customer service and post purchase support.
- External elements that a company can benefit from are reviewed. These could include tax breaks, advantageous export tariffs, or new enabling technology.
- Other external issues that are reviewed include heightened competition, declining demand, or a risky supply chain. We encourage clients to note anything that could endanger a company’s success rate.
Examples for your SWOT
Below we have provided some SWOT examples;
- staff expertise
- brand recognition
- internal knowledge of or exposure to a certain subject
- intangible assets
- offering value for money
- strong partnerships
- thought-leader skills
- community relationships
- competent team members and leadership
- ability to diversify
- key industry contacts
- characteristics that set you apart from rivals
- restricted ability to take on completely self-delivered work
- limited integration options
- absence of a centralised customer feedback
- lack of knowledge or experience in a certain field
- lack of resources for product development
- fewer product options
- poor brand awareness
- lack of time to plan strategically while meeting operational requirements
- business relationships – promoting service offering and brand awareness
- new requirements that your product can offer value for
- ability to bid for and win tenders
- new outlets for marketing and promotion and/or new markets
- developing client list and increasing amount of referrals are occurring
- strategic alliance
- potential to grow the business
- reliance on one manager to drive strategy
- increased rivalry
- a product that is outgrowing the market
- security and privacy issues
- changing consumer viewpoints
- a small or risky market
- uncertain political or economic climates
- effect on the amount of new business being offered within the industry
How a SWOT analysis can support clauses 4 and 5 of ISO 9001
The current strategic positioning of any company can be quickly and clearly communicated through the use of a SWOT analysis. Our fully trained auditors understand the clauses within each standard and develop SWOTs with clients to ensure they are unique and audit ready.
We encourage all companies to use their SWOT analyses to help understand where they stand now and in the future in the market or in relation to a certain objective. Our auditors can show how all of this can be effectively documented within management system packs.
If you’re looking for support on your next ISO project, more information can be found on our services page here.