Like most things utterly familiar, SWOT analysis has been taken for granted to the point that it has become perhaps the most misused tool in the manager’s box. A good SWOT analysis is one of the cornerstones of sound strategy. A half-baked SWOT analysis (and most of them are) prevents businesses from realizing their full potential and weds them to mediocrity.
The acronym SWOT stands for strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal factors we generally have control over. Opportunities and threats are external factors that we can potentially influence.
The SWOT analysis model helps us answer two fundamental questions:
- What do we have (strengths and weaknesses)?
- What might we do (opportunities and threats)?
Below is a humorous look at some of the most common errors in performing a SWOT Analysis:
Love to hear some of the funnier things you’ve seen in strategic planning sessions, including SWOT Analysis.