Developing Strategies is one of the most important aspects in the Business Planning cycle. One process uses a simple technique based on SWOT analysis.
Strategic SWOT varies from a traditional SWOT (Strengths, Weaknesses, Opportunities and Threats) in that only items which are strategic, or unique, to your business are included.
The methodology is for completing a Strategic SWOT is simple. Using the matrix shown below, brainstorm Strengths and Weaknesses for your business, remembering that strengths and weaknesses are focused on internal issues and factors. Then look externally outside the business and identify Strategic Opportunities and Threats.
There should be about 5-7 elements in each SWOT category - maximum of 10. More than this indicates that some of the items you have selected are not of strategic importance.
Once all Strategic SWOT items have been determined, the development of Strategies begins.
- As shown in the model above, work through the process of defining strategies that use strengths to maximise opportunities.
- Then develop strategies that use strengths and opportunities to overcome weaknesses.
- Repeat the process by determining strategies that use strengths and opportunities to overcome threats.
- Complete the strategy development by defining strategies that ensure that strengths and opportunities aren't overpowered by combined weaknesses.
- Use the Pareto Principle to determine the 20% of Strategies that will provide 80% of the desired result. Select your top 3 or 4 strategies.
- Use Mindmapping and/or Force Field Analysis to determine action plans for each strategy.
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