How to Use SWOT Analysis

We’ve seen organizations build excellent SWOTs but fail to utilize them in building their plan. We will go over how to use a SWOT analysis effectively and strategically. SWOTs are a powerful tool once you know how to implement them.

Let’s say you build out your SWOT, and it’s massive. A helpful tip is to categorize your points under each quadrant and organize them by strategic objectives. You’ll end up with smaller SWOTs that are more closely aligned.

How do we use our strengths? Strengths are significant identifiers of our competitive advantages. We can identify advantages that we already have and those that we need. While we leverage what we have, we can work on initiatives to gain what we need.

How do we use our weaknesses? Choose weaknesses that are urgent and important to turn those into goals or initiatives. If you have trouble identifying which should be considered the most important, try using an effort impact grid.

How do we use our opportunities? We prioritize opportunities using a market attractiveness grid. Check out our video on that topic here. The idea of creating this grid is to prioritize opportunities that will help your organization the most. Opportunities are great, but if there are too many or you don’t choose wisely, you’ll end up wasting time.

How do we use our threats? Observation is vital in addressing threats. Often there is not much we can do about our threats beyond paying attention and staying prepared. Bringing threats into your quarterly refresh is a great habit and identifies initiatives when they arise.

[mrboharvey]

I mentor several NPO groups to grow small business and I always come back to your whiteboards for a smart refresher on how to complete and execute the results of a well written SWOT. Thanks Erica!

[alurigoravusiro]

You are all so well versed and knowleadgeble. Thank you for sharing.

[nasrullahkhan]

Dear Erica you explained concept as beautifully as is your personality.

[robertwalker-huph]

Great tool to use when you want to see the big picture

[normanbyroncausaren]

Thank you sir Josh I've learned a lot from this video.

[RyanS_Cygnus-A_FintechBanking]

Very useful for our Fintech Startup!) Thank you Erica!))

[Shangrillazod]

Are new products and geographic expansions really external? I would argue that your product portfolio and where you you operate is within a businesses control -- if you are not meeting customer / market needs that is a weakness that can be shored up through R&D and / or changes to operations. (Trying to clarify as I use several of these strategic planning videos with my high school business class). They are really good! Thanks.

[cooljd]

Thanks for putting such a nice video ... really helpful 👌🏻

[michaelracel]

Thank you for the video. My team has found it very useful. In the video you mention an additional video on developing a Market Attractiveness Grid / Framework. Is that video available on YouTube or elsewhere? We couldn't find it. Thanks again for your helpful videos!

[asterfromeastern]

thank you for your video, i hope i can know about your chalnnel sooner than.

[panglimatun]

Thank you, good video, well presented

[ncar-ulwd]

I don't understand, if something is in the 'strengths' category, does it not mean that you already have the strength? So you wouldn't 'need' to develop it?

[DavidHernandez-rihf]

Yo Eric Olson first your hot !!! second your the most informative well organized virtual strategist online here to 10 million subscribers cheer's

[akshayparab]

Thanks for the great video and your channel !
Can you please suggest a book which cover most of these topics..
And please tell how do you do your research ? Is it reading books and papers, interviews with industry experts or other means?

[tinapippens]

I'm going to use with my business

[lishandealwis]

hi please send the link for market attractiveness grid