2.2.2 Why use SWOT?

A SWOT analysis is a process to identify where you are strong and vulnerable -- where you should defend and attack. In case you really want to be innovative you really need to track down your strengths and opportunities. If you are aware of your strengths you might use them to support and nurture an innovative culture in your organisation. Some of the opportunities might show you that you can produce fresh ideas about innovative products, services or procedures and then use your strong points to implement those ideas. The result of the process is a 'plan of action', or 'action plan' which will highlight your practical steps to accomplish an opportunity or to avoid a threat, to maintain a strong point or remove a weakness . The analysis can be performed on a product, on a service, a company or even on an individual.1

On its own a SWOT analysis is meaningless. It works best when part of an overall strategy or in a given context or situation. This strategy may be as simple as: (a) goal or objective, (b) SWOT analysis, (c) evaluation or measures of success strategy or (d) action.2

What makes SWOT particularly powerful is that, with a little thought, it can help you uncover opportunities that you might be well prepared to exploit. By recognising the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unprepared to face them.3

More than this, by looking at yourself and your competitors using the SWOT framework, you can start to craft a strategy that helps you distinguish yourself from your competitors, so that you can compete successfully in your market.4

A SWOT that is properly conducted will give you the BIG PICTURE of the MOST IMPORTANT FACTORS that influence INNOVATIVE ACTIVITY, SURVIVAL and PROSPERITY!

1 www.rapidbi.com/created/SWOTanalysis.html