What is it about?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is a technique for assessing these four aspects of your organization’s business. You can use SWOT Analysis to make the most of what you’ve got, to your organization’s best advantage. And you can reduce the chances of failure, by understanding what you’re lacking, and eliminating hazards that would otherwise catch you unawares. Better still, you can start to craft a strategy that distinguishes you from your competitors, and so compete successfully in your market.
Why is it relevant?
As any strategic change, conducting a SWOT analysis when starting a circular transition journey can help you identify where Circularity can help you reduce your weaknesses or support you in developing your strengths.
Steps to conduct this activity
Step 1: Reflect on your current strengths and weaknesses.
Step 2: Taking the PESTEL analysis into account, identify Opportunities and threats associated with your current business idea
Step 3: What actions/strategies could you develop to grasp opportunities, prevent threats, minimise weaknesses?