12 Reasons Why Your SWOT Analysis Isn’t Working
SWOT analysis is a very popular technique for analyzing a company’s position in the market, but many companies are not getting the most out of SWOT. Here are 12 reasons why your SWOT analysis isn’t working and how to fix them.
1) You’re not using it regularly.
SWOT analysis should be used as a regular part of your business planning process. It can help you track your progress, identify new opportunities, and make necessary adjustments to keep your business on track.
2) You’re not using the right tool.
There are many different tools available to help you with your SWOT analysis. While spreadsheets are an option, the online tools available are much easier to use when creating a SWOT matrix. Here’s one great tool that’s easy to use and free for 30 days
3) You’re not being objective in the evaluation process.
SWOT is meant to be used as a tool to help you make objective decisions about your business. Make sure you’re not letting your personal feelings get in the way of your analysis.
4) You’re not using it to generate new ideas.
One of the best things about SWOT is that it can help you come up with new ideas for your business. Use it to generate a list of new ideas that can help you achieve your goals.
5) You’re not being realistic.
Including every idea you have in your SWOT analysis will only bring confusion to the table. Be selective and look for realistic opportunities before adding them to the SWOT matrix.
6) You haven’t identified external factors.
It’s not enough to just identify your internal strengths and weaknesses. You should also factor in the external factors that will affect your business, such as competitors and economies of scale.
7) You haven’t defined what success looks like.
Just because you have a great idea doesn’t mean it’s going to generate results for you. Make sure you’ve defined what success looks like before including an idea in the SWOT analysis.
8) You’re not looking at it from the perspective of your customer.
You should always look at opportunities through the eyes of your customers. Your customer’s needs are key when determining which opportunities to pursue.
9) You’re not being thorough enough.
You have to be thorough when creating a SWOT analysis. If you include too many ideas in the matrix it will become confusing and could lead to poor decision-making.
10) You’re not taking advantage of technology.
Technology has made it much easier for companies to create a SWOT matrix quickly and efficiently, but many companies are still doing it the old-fashioned way.
11) You’re not sharing it with others.
Once you’ve completed your SWOT matrix, get it out there and share it with others in your company. Getting input from others will give you a better chance at success.
12) You don’t listen to the feedback.
It’s important to listen to the feedback you get from others when sharing your SWOT matrix. They’ll be able to give you the information you need to make adjustments and improve your analysis.
How To Make Your SWOT Analysis Work
There are many things you can do to make your SWOT analysis work for you. Here are some of the most important things to keep in mind when creating a SWOT matrix:
1) Be Objective.
You have to be objective about your business when creating a SWOT analysis. Don’t let your personal feelings get in the way of your analysis.
2) Use the Right Tool.
There are many different tools available to help you with your SWOT analysis. Choose one that is easy to use and fits your needs.
3) Factor in External Factors
You have to factor in the external factors that will affect your business when creating a SWOT matrix. This includes competitors and economies of scale.
4) Define Success.
Make sure you’ve defined what success looks like before including an idea in the SWOT analysis. Without this, it’s hard to tell which opportunities to pursue.
5) Look at Opportunities Through Your Customer’s Eyes.
Your customer’s needs are key when determining which opportunities to pursue. If you’re looking at opportunities from your own perspective, it won’t be as effective.
6) Be Thorough.
It’s important to be thorough when creating a SWOT analysis. You have to consider both internal and external factors for each opportunity you include in the matrix.
7) Get Feedback.
Getting input from others will give you a better chance at success. You can do this by sharing your SWOT analysis with the people in your company. Who knows, they might have some ideas for you.
8) Revisit it Regularly.
Because businesses are constantly evolving, it’s important to revisit your SWOT analysis on a regular basis. This way you can make sure that your analysis is still relevant.
9) Use Venngage.
Venngage is a free infographic maker that offers a vast display of free SWOT analysis templates for everyone. Here are some SWOT analysis examples from their website!
A SWOT analysis can be an effective way for you to consider the different opportunities and challenges your company faces. The more thorough you are with this process, the better chance of success it will have. Whether you’re considering new products or trying to improve customer service, a SWOT matrix is worth exploring because it may provide some ideas that work well for your organization.
If all of this sounds challenging, don’t forget to apply these tips and use Venngage. So what are you waiting for? Make your SWOT now and celebrate success tomorrow!