The Edge Marketing

SWOT Analysis: When you and your group wish to identify your Strengths and Weaknesses, the Opportunities available and the Threats facing you.

This is a powerful and highly successful technique that can be applied to an individual, a group, a team, a company, a plan – think about it, even a website! Again, experiment with it. If it helps you to focus your (and your team’s) efforts in the right direction, it’s worth it.

The process is to ask and answer a number of specific questions for each of the 4 categories, documenting the answers. This process, in itself is simple enough. However, so that you are not disappointed with the outcome, take the time you need, get the answers you need, face the facts and above all, take action.

TIP Whether working on this for yourself or with your team, always keep in mind the goal you want to achieve for each category.

So, in this context, treat 'you' as either yourself, your team, your improvement group, your company, your business.

The starting point of a successful SWOT analysis is to understand that there are 4 general objectives, one for each part of the analysis, the goal you wish to achieve.

Typical Format - the most common approach and widely used format is to construct a 2 row by 2 column matrix with the following information...

STRENGTHS in top left quadrant
Capitalise
on your
strengths

WEAKNESSES in top right quadrant
Address
your
weaknesses

OPPORTUNITIES in bottom left quadrant
Take full
advantage
of the
opportunities
available

THREATS in bottom right quadrant
Deal with or
minimise the
impact of threats
you face

Although each of the above statements can be regarded as action oriented, they are, in themselves, meaningless. We can't use them to communicate exactly what our plans are going to be, why we have the plans in the first place, what resources we need and who will implement the plans.

So, let's ask a few fundamental questions to put some meat on the skeleton...

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Add to or tailor the questions to suit you, your team, your organization.
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STRENGTHS

Answer from your own point of view, your customers’
your teams', your suppliers' and others.

WEAKNESSES

Answer from your own point of view, your customers’ and
others. Face the Truth

OPPORTUNITIES

Use PDCA (see footnotes) to identify those that will give you
the greatest return

THREATS

O.K., we have done the data gathering, the surveys, the questioning, the 'soul searching'. Redraw the matrix when questioning round is complete replacing the questions asked in each quadrant with a summary of the answers.

Easy for me to say I know but...

As long as you have been factual
As long as you have been honest especially with yourself
As long as you are ready and prepared to accept the answers
As long as you are prepared to TAKE ACTION

You have the foundation here to take a snapshot of where you are today, what's working for and against you, and the basis for a series of action plans to get you to where you want to be tomorrow.

Regardless of which quadrant you may be studying, the key
question to ask yourself is...

"What will give us the biggest return"

Many of us are familiar with the "Pareto Principle", perhaps more familiar with the term "80-20 Rule"

Pareto Principle

Why the 80-20 rule? Approximately 80% of trouble comes from 20%
of the problems. Also, quite often, 80% of the results we
seek, will come from 20% of our efforts - as long as we are
focused and prioritize.

Although "Pareto" is named after the economist Vilfredo Pareto,
it was Dr. Joseph M. Duran who applied the thinking to
management best practices.

Dr. Juran advises us to concentrate on the "vital few" sources
of problems (and in this context, the actions which will
give us the greatest return) and not be distracted by those
of lesser impact or importance.

To conclude, be as creative as you can be in your problem solving, think 'outside the box'. Get others to do the same. As much as I hate them, just think of "yellow stickies" and how a complete disaster became a huge income generator.

If you are worried about change just imagine what will happen if you do nothing!

"Insanity: doing the same
thing over and over again
and expecting different
results." Einstein

Footnotes

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