The SWOT analysis tool is an excellent way for your business to take advantage of opportunities. It's critical to regularly assess your business in order to be competitive in your market. By analyzing your strengths, weaknesses, opportunities and threats, you can develop crucial offensive and defensive strategies. When done right, you can minimize the damage from external sources and find great opportunities to invest in. Take strategic control of your business, and focus on the "O!β
Notes:
π¦ SWOT represents Strengths, Weaknesses, Opportunities, and Threats: the purpose of SWOT is to understand the interplay of the organization's internal capabilities with the external activities or entities that might interact with that organization.
01:00π The process should accurately represent the organization's strengths and weaknesses: we can assess strengths and weaknesses without being ugly to each other.
02:42π It's critical to carefully brainstorm the opportunities and threats to get a realistic list of what they are: there is absolutely no benefit of overstating or understating them.
03:55β
When you combine each of the four quadrants, the organization can determine a series of offensive or defensive actions or strategies, make targets, and prioritize.
04:46π¦ From an innovation standpoint, any of those four SWOT alignments could be the target of a creative idea: some financial institutions are still making decisions about how overdrafts fit into their long-term future - that falls right into the SWOT analysis.
07:18π Focus on opportunities first: David shares examples from the Financial Services realm and several others.
09:51π· Securing against threats is important and should not be ignored: if you're not in the habit of getting innovative ideas out in the open across your enterprise, focus on The βO.β
11:15Links:
Episode 45
