How do you keep your SWOT and PESTEL analysis updated and relevant in a dynamic and competitive industry?

1 Scan the environment

The first step is to scan the external and internal environment for any changes that might affect your SWOT and PESTEL analysis. For example, you can monitor the news, industry reports, customer feedback, competitor actions, market trends, regulations, innovations, and social issues that relate to your industry. You can also use online tools, such as Google Alerts, RSS feeds, social media, or web analytics, to track relevant keywords and topics.

2 Review and revise

The second step is to review and revise your SWOT and PESTEL analysis regularly, at least once a year or more frequently if there are significant changes in the environment. You should compare your current analysis with the previous one and see if there are any new or emerging factors that need to be added, deleted, or modified. You should also check if your analysis is still aligned with your goals, strategies, and actions, and if not, adjust them accordingly.

3 Validate and verify

The third step is to validate and verify your SWOT and PESTEL analysis with reliable sources and stakeholders. You should not rely on your own assumptions or opinions, but seek evidence and feedback from various sources, such as industry experts, customers, suppliers, partners, employees, or consultants. You should also test your analysis against different scenarios and outcomes, and see how robust and flexible it is.

4 Communicate and collaborate

The fourth step is to communicate and collaborate with your team and other relevant parties about your SWOT and PESTEL analysis. You should share your findings and insights, and invite suggestions and comments from others. You should also use your analysis as a basis for discussion and decision making, and involve others in the implementation and evaluation of your actions. By communicating and collaborating, you can increase the buy-in and commitment of your team and stakeholders, and improve the quality and effectiveness of your analysis.

5 Learn and improve

The fifth step is to learn and improve from your SWOT and PESTEL analysis. You should monitor and measure the results and impacts of your actions, and see if they match your expectations and objectives. You should also identify the strengths and weaknesses of your analysis, and see what worked well and what did not. You should also look for new opportunities and threats, and see how you can leverage or mitigate them. By learning and improving, you can keep your analysis relevant and updated, and enhance your competitive advantage.

6 Use a template

The sixth step is to use a template to guide and simplify your SWOT and PESTEL analysis. A template can help you organize and structure your information, and ensure that you cover all the relevant aspects and dimensions of your industry. You can find various templates online, or create your own based on your needs and preferences. A template can also help you compare and contrast your analysis with others, and see how you differ or match with them.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?