Build your AI transformation Strategy in 30 Days ➝ https://onstrategyhq.com/ai-contact-2/ SWOT stands for strengths, …
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Build your AI transformation Strategy in 30 Days ➝ https://onstrategyhq.com/ai-contact-2/ SWOT stands for strengths, …
source
Straight to the point, well done explanation 👏👏
wow, swot analysis! reminds me of when i was trying to make sense of consulting cases. i used to tackle them solo, thinking i was on the right track, but nah. thank goodness i stumbled upon the thinksters back when they had these free insight sessions. they taught me to think not just solve. now i’m with bain, still kinda surreal!
Erica, this video is a fantastic and concise explanation of SWOT! A real-world case study example would be a valuable addition for students and professionals alike. Thanks for making this complex topic so accessible.
Ok, as a personal trainer I just have to say this but awesome arms. They demanded respect and they made me listen the whole way through. Whatever you do for them keep it up and thanks for advice for my business.
This video would have been great and clear if only you had a microphone! It sounds like you are at the far end of a long corridor and makes it difficult t hear you!
I still share this video every time I teach an online course which discusses the concept of the SWOT analysis – still amazing!
I could not find the strength video that was mentioned in this segment… Could you please tag it?
Silver bar is useless.
1. Jitna 1 saal me price badhega utne charges lag jayenge.
2. Bechne k time kise bechen?
Did Blaine approve?
Transcript: SWOT simply stands for: Strengths, Weaknesses, Opportunities, and Threats, and the purpose of a swot analysis is to create a synthesized view of your current state. And great planning, whether a strategic planning, marketing planning, operational planning, you name it, great planning starts with an understanding of where you are today, confronting the brutal facts, as Jim colin says, so you can build a future. and a swot analysis is a great way to capture and frame up what your current state is, so, I’m gonna talk to you about what it is in a little more detail, how to put it together, and then quickly how to put it to use. Let’s jump in. strengths, we build our strengths. Weaknesses, we show them up. The right hand side of your 2×2 matrix, which is your SWAT, is your internal perspective. On the other side, we have our opportunities, which we invest or capitalizing, in our threats, which we monitor. External perspective. Tip number one, do not confuse your internal and external perspective. We’re looking for a holistic view of your organization, and it’s important to be really clear about what we can impact and directly influence, internal, and what we can influence, but not directly impact, external. and I’ll talk more about that in just a minute. So this is the structure for your SWAT. When you’re done with it, you’ll have maybe 10 to 15 bullet points in each of the four quadrants. So how do you figure out what goes in these quadrants? The simple thing to do is to hop into a room with a whiteboard and brainstorm with your planning team and fill out your swap. Taking it to the next level is bringing data into analysis. There’s tons of data and organizations. Absolutely go pull in some data so you have more of a data based view of what’s going on. Let’s talk about those data sources. Internal, get perspective from executives, board if you have them, partners, vendors. Gather that through one on one interviews. Employees, employee perspective is super important to help understand what is working and what is not working. Customers, it is the exact same thing. You cannot have a great swap analysis without understanding what your customers are saying about what you are doing well and what you are not doing well. And last, but certainly not least, pull of your key performance indicators or very, simply your current performance over the last year, three years, five years, whatever makes the most sense. If you are a little pressed for time, make sure you pull in your employee perspective and your customer perspective. On the external side, same thing. What are your information sources? I like to think about external data kind of in concentric circles, starting from the outside. Megatron, those are those really big things that are impacting most all organizations across our country or potentially across the globe, aging baby boomers, growth of millennials, that type of thing. Industry, so industry has tons of information. There’s tons of information from industry, associations, and industries have all kinds of trends that impact organizations. so check out your industry association for reports on potential opportunities, threats, and trends in your area. Coming in a little bit closer, your market. The market comes into flavors, your geographic market that you serve or your target markets that you’re serving. Data sources include your economic development, organization for current market information and then census bureau for target market type information. Competitors, everybody has competitors. Understand what your top three competitors are doing. Super important to have a holistic view of your external perspective. Same thing, if you’re pressed for time, make sure you get industry information and make sure you bring in competitive information into your SWAT. If you have a little bit of a budget, you can buy reports that will make this that much richer and not much more database. If you don’t, go with the ideas that I already shared with you. So now that you have all of this information, what will you do with it? Synthesize it into 10 and 15 BP, like I mentioned before. Group them up, sub bullet point them, that type of thing, such that you have a pretty well rounded swap. It’s nice for her to fit on one page. Like I said, you wanna be able to see your current state, one page, 11 point font, not seven, dial it down. There’s always more weaknesses than there are threats, so take that as a rule of thumb. It doesn’t have to be perfect. Here is tip number two. do not confuse weaknesses and opportunities, and this happens all the time. And when this happens, your swap falls apart. Let me explain with an example. One thing that might come out of your work is improving communication communications. Improving communication sounds like an opportunity, right? But it’s not, because our sterile perspective is things that we can influence but don’t directly control, and we control communication. It’s more like a weakness, but it is not phrase like a weakness. So it needs to live in this quadrant, and if you have a lot of things like that, you might reconsider renaming this quadrant: areas of improvement. And if you do that, then just make sure that all of the bullet points in this area or phrase that same way, improve communications. If you wanna keep it as weakness, change it to: lack of communication and then you have a statement that sounds like a weakness. So why is this all important? When you process at your SWAT and we have a whole video on that, to go check that out, but really quickly, when you process at your SWAT, you’re gonna wanna start with opportunities and this is your growth area. Planning is about growth. If you have stuff in here that is not about growth, the swat does not work. So opportunities are growth goals. That’s what you do with those. Threats, most of the time, you don’t turn into goals. You merely watch them, maybe initiative too, but most of the time you’re watching them. Under weaknesses, these are gonna turn into your operational and people goals initiatives. And last, but certainly not least, your strengths are a source of your competitive advantage or a starting point to identify them. Last tip, whatever you do, do not go through the exercise of putting your swap together and then not use it. We see that all of the time. Great planning starts to understand understanding where you are today. This is how you do that. Make sure you use it to build out your goals and your competitive advantages.
Learned a lot thank you.
Simple and short
great video!
so helpful, easy to understand and on point, thank you!
The background music is really disturbing !
Zemlak Circles
This is all great but if you don't show us how its supposed to look on paper then the info isnt complete
Like this. Helpful for setting up and backing up strategies. Thanks for the great video(s), Erica.
Where are the (Porter Five Forces)?
I don't get it
Good teaching. pls where do u say u download the image u rectangle?
Thank you for this great video♥️
Should we do a SWOT analysis for separate departments and then compile the information? Is it ever important to keep that data separate?
Thank you Erica.
Is this something that would benefit a small business? We will only have 1-8 employees at any time for the foreseeable future. The only issue I see is getting market data to help with the analysis.
are u a man
Who is this absolute Goddess of woman?
thanks for informatic video
Wow I wish the music was louder
WHAT?
Beautiful
Excellent!
Very professional explanation.
Thanks a lot
Very professional explanation.
Thanks allot
Great presentation!
A SWOT gives so much insight on a business or project. But writing them can sometimes be challenging. We actually developed a custom AI template so anyone can write a SWOT!
https://itforenzic.blogspot.com/2023/11/strength-weakness-opportunity-threats.html
Awesome presentation and delivery (rich and insightful info)
00:12 SWOT analysis helps create a synthesized view of your organization's current state.
01:14 SWOT analysis involves assessing internal and external perspectives
01:59 Bring in data sources to enhance your SWOT analysis
02:50 External data sources are important for a SWOT analysis
03:47 Perform SWOT analysis by gathering current market information and understanding top competitors
04:34 Differentiate between Weaknesses and Opportunities to ensure accurate analysis
05:23 Renaming the quadrant to 'Areas of Improvement'
06:13 Performing a SWOT analysis helps identify strengths, weaknesses, opportunities, and threats.
Beautiful arms
Why are you people allergic to wearing a mic?
Where would one buy the report mentioned if we have a budget 4:10 Cause i need more data
Hello .. In the beginning i want say thank you and nice too meet you .. Me too .. Your opinion and my opinion are the same things to knew market needed is important instead but do you know maslow pyramid of theory these things famous is call hierarchy of needs is important too i think .. By the way thanks for your presentations ..
This could be a good commentary however I can't hear her unless I put my ear clear up to tbe mike- wasted time I'm out.
Awesome video. taking a class in this. Enjoyed the video, Ericka.
Can you do one swot using your personal info. Please
I enjoyed watching.
Current state
Internal and external
Holistic view
Data to bring
Internal perspective
Employee
Customer
External perspective
Mega trends
Market
Industry
Competitors
Weakness
– to improve
Opportunities
– growth goals
Threats
– Monitor
Strength
– Source of competitive advantage
As a student, I thank you for this video's resource; direct-to-the-point helps a lot. Thank you
Very Useful