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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.
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