SWOT Analysis, a classic tool that still works

When I speak to people about SWOT analysis, especially in today’s context, it’s like taking out a vintage wallet and saying that I still need to carry it even when I’m beeping my way off the mobile payment devices during my retail therapy.

In a red ocean of competition and turbulence, the reality is brutal for companies who have lost their edge. What options are left for these companies? Do they continue to stick to their optimistic view and believe their companies will grow by merely increasing their sales targets? Or are they struggling to find ideas to help them meet those numbers? Remember, they are now operating leaner than last year due to a “cost leadership” direction by simply cutting headcounts.

How then do we strategize with what we have and generate a buffet of strategic options that leverage on the opportunities the industry is presenting and turnaround threats by analyzing our internal environment?

In our typical approach in developing strategic options, we have identified our SWOT (Strengths, Weaknesses, Opportunities and Threats). SWOT Analysis is just one of the many tools out there companies can use to develop ideas for project-based work. The strengths and weaknesses represent our internal environment and the opportunities and threats are our external environment. Beside identifying our SWOT, we…