How can that be a weakness? The embattled CEO was looking at me with both a question and a look of understanding. You see, as one of my clients I had asked him to engage four areas of his company that would either reveal potential or uncover challenges. I had began to walk him through a mini SWOT analysis….
Never Miss Another Post
Ask the Tough Questions
SWOT is an acronym that stands for strengths, weaknesses, opportunities and threats. SWOT Analysis is a useful technique for understanding the strengths and weaknesses of an organization, and for identifying the opportunities available to it and the threats it faces. It can help determine the likely risks and rewards of a product or business. SWOT analysis allows organizations to identify both internal and external influences.
Choose a Format for Success
A SWOT analysis is best conducted by a group of people with different perspectives and stakes within the organization. Typically a brainstorming session is conducted in which these team members list their responses to the four categories.
SWOT Analysis is a useful technique for understanding the strengths and weaknesses of an organization Click To Tweet
The following questions can be answered in the respective category to stimulate the group’s thought process:
Strengths.
· What advantages does your organization have?
· What are your positive attributes?
· What do you do better than anyone else?
Weaknesses.
· What should you improve upon?
· What does your organization lack?
· What factors cause you to lose sales?
Opportunities.
· Where is the growth in your industry?
· Is the perception of your business positive?
· What interesting trends are you aware of?
Threats.
· What obstacles do you face?
· What are your competitors doing?
· What factors beyond your control could place your business at risk?
Want to Know if Your Entrepreneurial Idea will Fly? Take the Quiz!
Authentic Questioning is Prudent
It is important to be honest and realistic in the analysis. Doing so can help a business strategize and also obtain a better understanding of its competition. The results of a SWOT analysis are important in establishing goals, objectives and strategies of a business or organization.
Point of Clarity Quote:
“Execution is a specific set of behaviors and techniques that companies need to master in order to have competitive advantage. It’s a discipline of its own”
—Ram Charan and Larry Bossidy
