Never Scoff at the Basics: SWOT

Anyone else remember when you were in class and one of the basic lessons you learned in your introduction class came up? Do you remember the reaction? It was typically a groan or tons of eyes rolling or some snide comment. It felt annoying that professors were wasting your time with material we had already covered in previous courses.

Now it has been about nine months since I have been in a lecture where I'm graded and have reflected much on my educational experience and I can honestly say I now understand why they do this.

1.       Repetition is always key to remembering

2.       To try to knock this concept into our thick skulls

3.       Because it is IMPORTANT

I always remembered getting really annoyed when having to discuss the SWOT analysis concept because it is so basic! It is not complicated at all, but it is vital to understand.

Now I'm not a person to claim that I have years of experience, because I don't. What I can say is from the little experience I have and from observations of people who have vastly greater experience than I have. One of the things that have witnessed from both my experience and observation is that people don't like that whole self-evaluation process and refuse to critically do this.

My main experience with marketing has been in the nonprofit sector and can't accurately speak for the for profit sector, but neither sector really enjoys this process from what I can tell. My experience with nonprofits is they really take it hard when you point out that they need to change and update. They are refusing to do the basics and it can substantially hurt any business if this evaluation process is not done.  

I'm assuming that everyone understands what SWOT analysis is, but for those that don't it means:

•   Internal Analysis

•   Strength

•   Weakness

•   External Analysis

•   Opportunity

•   Threat

I believe it is always easier to admit your companies strengths, opportunities and even some of their threats. What I have found to be difficult is when you are new to a company and you are the one making the evaluations and you bring up weaknesses. Some companies believe they are doing it all right and have it all together. If that is what you are thinking, then I have already found 1 of your weaknesses.

If you are unable to critically evaluate your weaknesses then I can almost guarantee that your competitors are evaluating them as some of their opportunities to exploit your weaknesses and gain that competitive advantage.

The basics in class seem so monotonous, but it is so vital for survival that you glean something new if you critically view it in a different way. I know that there were times I scoffed at hearing this lecture over again and it took me nine months to understand how important it is.