conduct a more effective swot analysis
TRANSCRIPT
How to: Conduct a More Effective SWOT Analysis
as told by Bitmojis
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SWOT is a structured form of analysis that is used to evaluate certain business ventures of projects. The letters stand for:
Strengths
Weaknesses
Opportunities
Threats
What is “SWOT”?
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Conducting a SWOT analysis allows you to do things like:
1. Compare your business to others in your industry
2. Decide which route to take when two projects are in competition
3. Make the most of opportunities available to your business
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Okay, so how can I incorporate
SWOT into my business?
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Step 1: Choose Your Objective Ask yourself, “What area of my business would I like to focus on?”
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Think about what you really want to accomplish by the end of this process.
This will allow you to walk away from your SWOT analysis with a concrete takeaway that
you can act on.
Kari’s Tip: “Start with the End in Mind”
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Step 2: Put Together Your SWOT TeamFor example, if you are deciding between two new products to
develop, the team might include your:
• CEO• Top product manager• Lead engineer
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Step 3: Evaluate Strengths in Your PlanThese are internal factors such as:
1. Do you have enough funding to accomplish your objective?
2. Are your personnel equipped to handle the new responsibilities this project will bring?
3. Do you have an edge over your competitors?
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List potential pitfalls that prevent you from reaching your goal
1. Do you have the necessary resources?
2. Is your timeline realistic?
Step 4: Analyze Your Weaknesses
*It’s important to take items in this list seriously, as they can derail your plan if not properly addressed.
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Opportunities are external factors that make your plan feasible.
For example: If you are working on a new marketing campaign, this could be an absence of content aimed toward your target audience.
Step 5: Identify Potential Opportunities
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Step 6: Analyze External ThreatsThreats are related to weaknesses, however, threats are external, while weaknesses are internal.
• The first place to look for threats is in competitors’ products, plans, & strategy.
• Threats stand in the way of you accomplishing your plan.
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Step 7: Prioritize Your ResultsExamine your results to establish concrete steps that should be taken.
• Are there any weaknesses that need to be remedied immediately? How will you fix them?
• Choose which strengths you will leverage to take advantage of your opportunities.
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Kari’s Tip: Create Action ItemsLists and ideas are great, but to ensure effectiveness your list should only include actionable items. Check out this example:
Area of Focus: develop Gmail plugin Weakness: We’re not in the Google Play Store Prioritized Item: Get in the Play Store
Action Items: Find Play Store contact info, reach out via email, draft advertisement
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By now, you should have a list of prioritized action items, related to the goal you started with at the beginning of this exercise.
Start tackling those action items from the top down.
Step 8: Get to Work
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Priority Matrix by AppfluencePriority Matrix is a task and project management tool based on prioritization
and matrix decision-making.
We even have a SWOT Template built in for you. This allow for:
• Progress tracking on 1000s of items, across multiple projects• Seamless communication of priorities within your team• More efficient meetings with demonstrated proof of work
• Increased visibility and accountability • More effective management
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Our Favorite Features: • Add task notes, and upload files
• Sync due dates to your Calendar; integrate with your e-mail
• Collaborate with your team with one-touch delegation capabilities
• Use our in-app chat to communicate with co-workers
• Go mobile, work offline and sync seamlessly across all devices
• Free productivity consultations for your position, and industry
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Start Your Free Trial, Today!To carry out your SWOT analysis and collaborate with your team,
head to www.appfluence.com for your free download.
For more productivity tips, check out our blog!
Contact us: [email protected]
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Thanks, Kari Beaulieu
source: https://www.business.qld.gov.au/business/starting/market-customer-research/swot-analysis/conducting-swot-analysis