MARKETING

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  • Analyzing Your Place in the Market

    Game Plan

    In-Depth

    The SWOT Analysis: Putting It All Together

    Once you analyze your strengths, weaknesses, opportunities and threats (SWOT), take this information to the next level, but keep it simple. Apply the SWOT analysis to individual business components, from production and distribution to finance and human resources. Use the template below or search SWOT templates for more ways to complete your analysis.

    Understand that these four individual categories do not stand alone, and they don’t remain static. By completing a SWOT analysis, you can take corrective measures to transform a weakness into a strength. Maybe you change your training program to convert poorly trained workforce to skilled employees who are the envy of peers. Maybe you simply keep your website updated.

    You can even develop a workaround solution for your business to deal with threats you identify. Perhaps, the economy is hurting your restaurant customers, so you add lower-price items to your menu or offer take-out for the first time.

    Remember, nothing remains static in business or in life. Today’s strengths can become tomorrow’s weaknesses or even irrelevant. A hurricane watch one day becomes a bright, sunny day a week later, attracting shoppers to your retail store. Do a SWOT analysis, but revisit the exercise periodically.

     

    Positive

    Negative

     

     

    Internal

    Strengths

     

     

     

    Weaknesses

     

     

     

     

     

     

    External

    Opportunities

     

     

     

    Threats

     

     

     

     

    Game PlanGame Plan

    Game Plan

    • Share the results of your SWOT analysis with interested stakeholders: principals, employees and even suppliers. If you change for the better the way you do business, everyone should know about it.
    • Put current or future changes to your business in writing. This Playbook has resources about maintaining business plans and marketing plans.
    • If you don’t have a clear idea how to turn your SWOT analysis results into action, talk to a consultant. You can find one at the Institute of Management Consultants USA and the Association of Management Consulting Firms.