SWOT Analysis is explained in this video with a step-by-step guide and some tips to be effective.
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The video is all about swot diagram information but also try to cover the following subject:
- How to do a SWOT analysis
- SWOT analysis example
- SWOT matrix
✏️ Here is the transcript of the video:
▶ I am going to explain how to conduct a SWOT analysis step by step.
SWOT Analysis is a key tool to develop a strategic plan.
SWOT is the acronyms for:
Strengths.
Weaknesses.
Opportunities.
Threats.
Normally, Strengths and Weaknesses are labeled as internal factors.
Opportunities and Threats are labeled as external factors.
The shape I love the most for the SWOT Diagram is made by 4 blocks with the title inside each of them.
By a SWOT analysis, the team can decide if it is time to start a project by visualizing the pros and cons.
Then, can be used for:
Explore new solutions to problems.
Align the team to the most effective solution.
Enable a structured brainstorming.
▶ SWOT Analysis Steps
The step number 1, is to set a meeting with the team, with a clear description of the project you want to evaluate.
The step number 2, is to take a big piece of paper, and draw 4 blocks with the titles inside.
The step number 3, is to fill the square of the strengths.
Ask the team the right questions as:
What do we do at an extraordinary level?
What valuable assets do we have?
What we and our customer identify as our main strengths?
The step number 4, is to fill the square of the weaknesses.
Ask the team the questions as:
What we could do better?
What could cause us problems?
What are the last complaints we received?
Remember in this step to be transparent and candid.
Taiichi Ohno used to say: "To have no problems is the biggest problem at all!"
The step number 5, is focused on opportunities.
Here the questions are:
What opportunities we know we can catch?
There are some trends we are ready to get?
The step number 6, is focused on Threats.
Ask the team the questions as:
What could block our progress?
Are our weaknesses potentially critical?
Are economic conditions affecting our financial viability?
Remember the step 1 of the clear objective.
What is a strength for a project could be a weakness for another. So, be accurate and not too generic.
On the other side, remember the problems can easily become an opportunity.
▶ What is next?
At the end of the SWOT analysis, an action plan is more than welcome and a follow up as to be set by the manager.
I suggest having the SWOT analysis on the paper always visible to the team to be discussed and revised.
▶ Conclusions
The SWOT analysis is a collaborative tool, that has to be used regularly, to evaluate the pros and cons of starting a project.
It is a tool to be used in team, and helps to be aligned to a common vision.
SWOT analysis is a key tool to develop a business strategy.
If you want 1 PDF with all the videos I suggest on SWOT Analysis, just click the link below.
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