A Wren Says

If you have taken an intro to marketing class (and many other topics), chances are that you were asked to complete a SWOT analysis at some point. Whether it was in a grid or a list, your instructions were to list out the Strengths, Weaknesses, Opportunities, and Threats of whatever the chosen entity was. Well, perhaps you left that assignment in the past and never revisited it. But here you are, in your grown-up job, asked to make decisions on what direction to take next.

A SWOT analysis is your key to looking at what your organization is doing well and needs to improve on. It also beckons you to look outside yourself to the market overall and think through what forces could support or hinder your growth.

S- Strengths: What is going well in your organization? What are you doing well?

W- Weaknesses: What parts of your company are “needs improvement?” Where are you lagging behind your competitors?

O- Opportunities: What is the untapped potential out there in the market? What are the current trends that you could exploit? What are the market conditions that can could support your growth?

T- Threats: What is happening right now that has you scared? What trends or conditions out there could signal disaster for you?

Key things to note here. Your strengths and weaknesses are internal. Opportunities and weaknesses are environmental factors, external to your organization.

Once you have thoroughly done your analysis, you are ready for the next step. Now that you have a clear understanding of your business and your environment (and not before), create a plan that takes into account all of that information to chart your next direction. Include how you will support and build on your strengths, shore up your weaknesses, exploit the opportunities, and mitigate the threats.