If you’ve ever done a SWOT analysis for a project or your business, you’ve ended up with a long list of Strengths, Weaknesses, Opportunities, and Threats. So then what? Here is the often-missing next step that can make that information useful.
First, select the five or six items in each category that are most critical — that is, most likely to have the biggest impact on your organization or situation.
Then answer the following questions:
- How can we use our Strengths to take advantage of our biggest Opportunities?
- How can we use our Strengths to overcome our biggest Threats?
- What do we need to do in order to overcome our Weaknesses, so that we are better able to take advantage of our Opportunities?
- How can we minimize our Weaknesses, so that we are better positioned to overcome our Threats?
This is a great tool to use during your annual strategic planning process.