A SWOT analysis should be conducted very quickly as illustrated below:
- Conduct a brief external industry analysis.
- Identify the competitors, buyers, suppliers, potential entrants, and potential substitutes.
- Understand the industry supply chain and how it works.
- Conduct a brief internal organizational analysis.
- Identify organizational capabilities/competencies related to manufacturing prowess, order fulfillment and delivery, customer service, marketing, finance, accounting, R&D, employees, and management. This is essentially the internal supply and value chains.
- Use a strategy canvas to identify how you can add or subtract features for product differentiation. The idea is to identify new opportunities and perhaps Blue Ocean markets.
- Develop a 4 × 4 SWOT diagram using the template. Try to limit the number of factors in each quadrant to four factors.
- Start the process over after 4 months.
The Ten-Ten Planning Process: Crafting a Business Story will provide a simple template as part of the Ten–Ten planning process for conducting an organizational and industry analysis that incorporates the quick SWOT approach.