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. Humphrey in the 1960s, the tool is as useful now as it was then.
You can use it in two ways – as a simple icebreaker helping people get together to "kick off" strategy formulation, or in a more sophisticated way as a serious strategy tool.
Marketing would be in selected local publications to get the greatest possible market presence for a set advertising budget, and the consultancy should keep up-to-date with changes in technology where possible.
And by understanding the weaknesses of your business, you can manage and eliminate threats that would otherwise catch you unawares.
You can also use it to get an understanding of your competitors, which can give you the insights you need to craft a coherent and successful competitive position.
When carrying out your analysis, be realistic and rigorous.
Internally, you have Strengths and Weaknesses (SW—).
Externally, you're faced with Opportunities and Threats (—OT).You can keep your diagram private, share with just a few collaborators, or publish it to a blog or Web site.