Forget the four quadrants: a standard SWOT chart is for amateurs and seldom yields strategic insights that get acted upon. We’ll cover the key issues that make a standard SWOT ineffective, and show you a new story format technique that addresses these limitations.
Make sure to check out the video walkthrough of this new SWOT approach at the end of this article too.
First, Why Is The Standard SWOT Ineffective?
Standard SWOT analyses end up being internally focused, hold minimal insights/data due to significant space constraints, and often get done in a bubble without cross functional input.
They also end up being a glitzy parade of how strong your company is, with middle managers being timid of listing the true weaknesses of the business. Often, you'll find a lack of external opportunities, because this requires deeper analysis.
Here’s the SWOT in story format
*Data in this slide is directional only
What is the SWOT Story Format?
Instead of tiny chart you need a magnifying glass for, you'll share a well thought out plot analyzing the market landscape. You now dedicate at least one slide to each essential section: strengths, weaknesses, opportunities, and threats. You could have anywhere from just a few slides to over 20; it all depends on your business needs, and how you want to construct your story.
Let's review the components of the new SWOT story approach:
- The top right of the slide denotes that this belongs in the “threats” section of the SWOT presentation
- This is a SWOT example of how Amazon is viewing the competition, in this case analyzing their competitive position in online grocery delivery vs. Wal Mart
- Notice that you have a visual story here, compelling data, and a grey rectangle at the bottom of the slide expressing a critical implication of this information.
Conclusion
Your SWOT doesn’t have to be amateur. This new approach enhances the advantages of a SWOT analysis and reduces the limitations. Tailor your approach for your business, hone in on external factors, and consider the “story format” for your next SWOT.
What’s your experience using SWOT Analysis?
Will this story format help or hurt your business? Let us know, and remember to get the slides here and check out the video below.
Here is some background on SWOT if you need it...
Investopedia Definition of SWOT
• SWOT analysis is a strategic planning technique that provides assessment tools.
• Identifying core strengths, weaknesses, opportunities, and threats leads to fact- based analysis, fresh perspectives, and new ideas.
• SWOT analysis works best when diverse groups or voices within an organization are free to provide realistic data points rather than prescribed messaging.
Although fresh perspectives and “brutal facts” are the intention, SWOTs are often weak in this area.
How Does SWOT fit within Strategic Planning?
Standard SWOT Chart Example
About the Author: Adam Fischer leads content development for Strategy Kiln. As a marketing strategist, he’s held positions at Fortune 500 companies as well as start-ups. He holds a B.S. in philosophy from Northeastern University and an M.B.A. from Thunderbird School of Global Management at Arizona State University. He enjoys the enigmatic nature of business strategy and finding ways to grow understanding of it for both himself and others.
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