In this video, I will explain how you can use the SWOT analysis to evaluate certain business ventures and projects, and why it is useful.
Priority Matrix is a prioritization and delegation tool designed to help teams work more efficiently. It allows you to communicate priorities across your team, and provides visibility into shared projects so that you can keep track of the moving parts of your initiatives. One thing that a lot of our users find useful is doing a SWOT analysis, and we provide a SWOT analysis template on Priority Matrix.
This form of analysis is a great way to compare your business to others in your industry, or decide which route to take when two projects are in competition to decide which should be implemented next.
As denoted by the name, a SWOT analysis consists of four categories, strengths, weaknesses, opportunities, threats.
Strengths are what you are doing well, so all positive aspects. Weaknesses are more negative, or the potential roadblocks in your plan. Opportunities are potential areas that could benefit from your plan. And, Threats are related to weaknesses, but different in that threats are potential external issues, whereas weaknesses are internal. The first place to look for threats is in your competitor's’ products, plans, or strategy. By analyzing your competitor, you will be able to better plan.
Let’s pretend that I am a wearable tech company and I am planning on releasing a new smartwatch.
First, you must Choose Your Objective by deciding what area of your business you would like to focus your analysis on. To open up a SWOT analysis template in Priority Matrix, go to the project bar and click on the plus sign, go down to the SWOT analysis template, and title it according to what type of SWOT analysis you are doing. Remember to start with the end in mind; by the end of this analysis, you should have a concrete takeaway that you can act on.
Next, put together Your SWOT Team by opening up the team member panel at the top of the page and going to the little plus sign. You can add each team member by email address, or click on their name. After determining your objective, choose the team members who you would like to involve in your decision making team. Since I am a planning on releasing a new product, this team may include my CEO, top product manager, and marketing team.
Next it is time to conduct the actual SWOT analysis by considering our strengths, weaknesses, opportunities, and threats of our project.
Some examples of strengths for this project could be having enough funding to accomplish my objective, having a strong team that is equipped to handle the new responsibilities this project will bring. We might also have an edge over our competitors because of our product’s unique capabilities.
Some examples of weaknesses in this project could be a problematic timeline. Perhaps my timeline is not realistic, or it will take way too long to carry out our initiatives. Another could be a lack of resources, like money, employees, or materials for the watches. Also, our company is not very well-known. When listing weaknesses, it is important to be honest with yourself and your team, as items in this list must be taken seriously.
Some examples of opportunities can be that recently there are many more people interested in this type of tech gear and sales are soaring in this industry, so we can hopefully accumulate more customers interested in our product. Another one can be that this company has a meeting with a well-known athlete whom might be interested in the product, and perhaps our company can convince him to sponsor it.
An example of a threat might be that our competitor is a leader in this industry, and it might be difficult to be a leader in this industry because of that.
By following this process, you and your team can quickly determine which direction to take, and establish an efficient process for doing so. Once you have weaknesses to resolve or opportunities to take advantage of, you can delegate those responsibilities to team members and collaborate right within the app. You and your team members can then create projects, add tasks with corresponding notes, files, due dates, communicate in each separate task, and more. In the process, your SWOT analysis allows you really focus in on what you are doing well and what you are doing not so well so that you can plan accordingly.
Priority Matrix is available for Mac, Windows, iOS, android, and web. Priority Matrix integrates with email, calendars, Google docs, Evernote, and more. We provide individualized coaching to any individual or group that would like a more personalized introduction to Priority Matrix.
If you think that Priority Matrix, and our SWOT analysis would be helpful to you and your team, head over to Appfluence.com to learn more and start your free trial.
Visit us at http://www.appfluence.com