Conducting a SWOT analysis

- Another tool you can use to assess the environment…you're competing in is called a SWOT Analysis.…And SWOT stands for Strengths, Weaknesses,…Opportunities, and Threats.…And typically it's drawn on a grid.…For strengths and weaknesses, those are typically within…your own organization, capabilities you have or don't have.…As far as opportunities and threats, they can either be…internal or external market-facing…opportunities and threats.…

So let me walk through an example.…As you build a SWOT Analysis you'll want…to have the team together…and have people throw out their ideas…and it's generally a brainstorming session.…So perhaps we start our SWOT Analysis…and we look at our strengths.…Our strengths consist of the brands we have,…how efficient our supply chain is,…the strength of our sales force…and how well they sell our products,…safety within our manufacturing plants,…our recruiting information technology,…and maybe our financial position.…

And as I've laid out the strengths,…notice they're all internally-facing capabilities…