Prioritizing and Finalizing Your SWOT Analysis
a. All information should be on your template. It’s easier to read and understand if it’s in this format rather than on separate pieces of paper or computer files.
b. Use bullet points. Everything listed in your analysis should be in a bulleted format. You don’t need complete sentences.
c. Boil down each point. Each bullet point should be short—a few words will do. If you need to, simplify your points.
d. Refine your information. If you came up with a healthy list for each of your strengths, weaknesses, opportunities, and threats, it’s time to refine the information. Check for redundancies, combine bullets where necessary, and eliminate any information that isn’t vital.
e. Prioritize your information. It’s time to go through each section and rank the information. Put the most important item on top of each square.
A list of strengths, weaknesses, opportunities, and threats makes for a handy business guide, but you’ll want to take this exercise one step further to create strategies and plans to improve your business.
The exercise you’re about to do is called a TOWS analysis. It helps you make connections between each quadrant of your analysis. You’ll work around the square, combining information from two quadrants to create actionable strategies. Here’s how:
i. Strengths–Opportunities. Use your internal strengths to take advantage of opportunities.
ii. Strengths-Threats. Use your strengths to minimize threats.
iii. Weaknesses-Opportunities. Improve weaknesses by taking advantage of opportunities.
iv. Weaknesses-Threats. Work to eliminate weaknesses to avoid threats.
The chart below is a great visual explanation of this exercise.
You can simply add a few blocks to your SWOT analysis to get these strategies down on paper. Here’s an example of a completed TOWS analysis from the University of San Francisco, which shows a TOWS analysis for Volkswagen.
When you’re finished with the SWOT and TOWS analysis, you’ll have an insightful look at your business that’s accompanied by a list of strategies that you can implement to better your business.
Take this list of strategies and start implementing them. If some strategies are long-term plans, break them into steps and put each one on your calendar so you can implement the change over time.
Aside from strategic plans, here are additional benefits from your participation in the SWOT Challenge:
a. Improved focus. This analysis should put everyone on the same page. It identifies what you should be working toward this year.
b. Conversation starters. With everyone working on the same goals, managers and employees can continue to build strategies.
c. Identify unknown aspects. You’ll likely discover aspects of your business that you didn’t know about. From unknown strengths to hidden threats, uncovering this information will help you move forward.
d. Strategies for success. Above all else, you walk away with strategies to help your business.
Read more:
1. What's SWOT Analysis ?
2. SWOT Analysis: How to Identify Strengths
3. SWOT Analysis: How to Identify Weaknesses
4. SWOT Analysis: How to Identify Opportunities
5. SWOT Analysis: How to Identify Threats
6. What's TOWS Analysis ?
Edited by: 浪子
Bibliography
Lisa Furgison. (n.d.). SWOT Analysis Challenge Day 5: Turning Your SWOT Analysis into Actionable Strategies. Retrieved from https://articles.bplans.com/swot-analysis-challenge-day-5-turning-swot-analysis-actionable-strategies/
Turning Your SWOT Analysis Into Actionable Strategies
Reviewed by 浪子
on
November 09, 2018
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Reviewed by 浪子
on
November 09, 2018
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