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How to Use SWOT Analysis to Formulate Strategies

Using SWOT Analysis as a tool for Strategy formulation is one of the most effective tools in Strategic Planning. It is a real analysis due to extensive data collection and analysis of collected data. It is effective because the analysis covers a wide spectrum of the business environment while collecting data. It takes into account the external business environment as well as internal capabilities.

This is perhaps the most powerful use of SWOT Analysis in the Strategic Planning Process. I will show you how to use the four SWOT factors to develop Strategies

Assume that you have collected a lot of data related to Strengths, Weaknesses, Opportunities and Threats. Then you will use them to create a strategy. Don’t know how to do it? Don’t worry, I’ll take you step by step.

Step 1 – Assess the environment

Let’s think about both of us as coaches of two soccer teams.

Before the game starts, you and I have some strategies that we want the team to follow. As the game progresses, there is a difference between the two teams in terms of the game as well as the status of the team members.

Step 2 – Identify Strengths, Weaknesses, Opportunities and Threats

Now, it’s time to evaluate the team in the four SWOT factors. As a result of the evaluation, let’s take the following examples: –

Strengths – Your team is full of fighting spirit

Weaknesses — One of your team members is injured

Opportunities — Your opposing team seems to be losing their composure

threat — Your opposition team is full of energy

Note: Some of these factors appear to be contradictory. For the purpose of this step, this conflict is ignored.

Step 3 – Combine SWOT factors to create strategies

Now, you will start formulating strategies in four categories. That is:-

    • SO strategies (Strategy of strengths and opportunities)
    • ST Strategies (Strategy of Power and Threats)
    • WO Strategies (Strategy of Weaknesses and Opportunities)
    • WT Strategies (Strategy of Weaknesses and Threats)

In this case, your strength is that “your team is full of fighting spirit” and corresponding to your opportunities “The opposite team is losing your patience”. In this scenario, what would you do? Maybe you should create a strategy to “ATTACK”. There it goes, you just build an attack strategy.

Then you do the same process for SW Strategies, WO strategies and WT strategies.

Step 4 – Evaluate strategic options

At the end of this breakdown of SWOT factors, you will have several strategic options. Make a quick assessment of each of these strategies in terms of achieving the company’s goals.

Step 5 – Choosing Strategic Options

At this point, you will have a long list of strategic options. Many of the strategies to be implemented may not be practical. Therefore, you need to narrow down the list to maybe three strategies at most.

After you have completed all 5 steps for using SWOT Analysis to Formulate Strategies, you have a list of strategies to implement in your business.

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