The The SWOT analysis The SWOT analysis is a strategic planning tool used to evaluatestrengths,Weaknesses,OpportunitiesandThreatswhen a company has to make a decision to achieve a goal.
I always tell the students in my marketing courses and the companies I consult for that, in a marketing plan, the SWOT analysis is the bridge between analysis and strategy..
With a well-prepared and properly conducted SWOT analysis, a company will be able to set realistic and achievable goals and formulate ì solid hypotheses to build the strategy for reaching them.
Unfortunately, what happens in the vast majority of companies is that the SWOT analysis becomes nothing more than a brainstorming exercise. It generates many ideas and inputs, which are used to fill the classic four-quadrant scheme, and then it gets left on a whiteboard or buried in a computer without anyone ever looking at it again.
So, what are the secrets to a SWOT analysis that actually helps?
The first is that the brainstorming—where people from different functional areas of your company should be involved— must be backed by data and information previously collected.
How?
This gets a bit technical, but I want to share the four models I personally use during the analysis phase, which provide the insights for a solid SWOT:
- PESTEL analysis,which helps understand the external environment of the company
- Five Competitive Forces model,which analyzes the forces at play in a given industry
- Competitive analysis,which highlights your company’s strengths and weaknesses compared to competitors
- Internal business analysis across various departments (finance, R&D, production, logistics, HR, etc.)
If you want to learn more about these models, you can search them on Google or contact me—I'd be happy to provide information and the frameworks I use.
The second “secret” to a truly useful SWOT analysis is this: don't stop at simply filling out the four quadrants of Strengths, Weaknesses, Opportunities, and Threats.
You must go a step further and cross-reference the contents of the quadrants..
For example, in an internationalization strategy, you should explore how you can leverage your strengths to seize the most promising market opportunities, or how to improve weaknesses in order to defend against threats that could negatively affect your business.
By doing this, your SWOT analysis will generate a set of hypotheses to evaluate, helping you formulate the strategic part of your internationalization plan: setting objectives, strategies, and actions in your target markets.
Click here http://bit.ly/4envRnO and download the GOABROAD Blueprint canvas, a one-page tool that will guide you in applying The GOABROAD© method to take control of your internationalization strategy!
Buy the book GOABROAD Blueprint: Strategy, tactics and tools for SME internationalisation (English Edition) on Amazon: http://bit.ly/3TqmeN9
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