"SWOT" - a framework that helps find ANSWERS when unsure

SWOT is a powerful tool but rarely used formally by a small enterprise. It is not that the enterprise does not use it at all, but most of the time, the owner/leadership does this in his head. The informal exercises lose the real essence and purpose

The benefits of SWOT are apparent and known, still rarely practised in the enterprise as a tool to facilitate the strategic decision.

SWOT-analysis helps develop a strategy by knowing your strength, weakness, opportunities, threat.

This analysis compares the internal & external factors that affect your enterprise business. The internal factors you have control and can change; for example, your resources, systems, processes, knowledge, skill, etc. and external factors are generally things you cannot control, such as market trend, competition, and statutory requirements, etc. This knowledge helps you to strategies your development and avoid waste of effort. This analysis helps to have a detailed, unbiased overview of the business as a whole or a specific product or program/project.

One the advantage of practising the tool is it also helps your brain consider every factor that could affect your goal. A SWOT analysis helps when you are unsure of the current strategy. It helps with detail so you can identify actionable plans.

A SWOT analysis with input from all stakeholders is useful. A collaborative approach always gives a better result with different levels of engagement;for example, if you are identifying weakness involvement of various departments, heads & staff will throw amazing results with their creativity & problem-solving inputs.

The following gives some idea on what question you should ask yourself during the analysis

STRENGTH : ( Internal factors )

• What you do well?

• What is your uniqueness ( Product / technology/skill/ service )

• What experience/expertise you have that can help you achieve a goal?

• What are your competitive advantages

WEAKNESS : (Internal factors )

• What you feel stops you moving?

• What skills/resources you think you lack to complete your goal successfully?

• What are you think is costing money?

• What are the things you are failing at?

OPPORTUNITY: (External Factors)

• What you can do more for your stakeholders?

• How the business can be expanded /more profitable?

• If use of any technology can enhance your capability?

THREAT : (External Factors )

• Who is your competition?

• What your competitions do well?

• What external factors can damage your proposal?

• What technology changes can affect your proposal?

• What statutory/regulatory condition can damage your proposal?

SWOT-analysis helps you know

• Your crucial advantage ( strength ) & disadvantage ( weakness) to the market and completion.

• Market conditions served by your proposed business/product/program.

• Possible hindrance/roadblocks that can hamper your proposal.

The SWOT analysis is not a tool to provide a solution or an answer; it provides a framework to reach to formulate a solution/answer.

SWOT analysis is an easy-to-do item; if anything is stopping you from going for it or if you want to know more about it, please get in touch with me.

www.pranaykumar.com