I'll bet you that you've heard of the term "SWOT".
In the English-based education system that sometimes describes someone who works "too hard"! But no in this context I mean the management tool that people use to analyse a given situation or business issue.
"SWOT" stands for Strengths, Weaknesses, Opportunities and Threats, and the idea is that you assess your business situation or issue by looking at what its strengths and weaknesses are, and what opportunities exist or threats that it faces.
Many people misuse this tool – they take a generic view of the situation and look widely at all the strengths, weaknesses, opportunities and threats. Often they even misunderstand the difference between strengths and weaknesses as opposed to opportunities and threats.
No, as a tool its use is to focus on key issues so that you can make clear decisions and not get swamped by too much information.
In this video I explain how you can use it to provide focus, and eventually identify strategies from the analysis.
There you are, how to use SWOT properly as a management analysis tool!
And remember, use the strengths, fix the weaknesses, exploit opportunities, monitor threats.
Now, the fun really starts when we "talk" about how you use or might use this tool. Click here to leave a comment under the video and tell me 2 ways you have used or will use SWOT!
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