What are the most commonly used analytical tools in SWOT analysis?

1 TOWS matrix

A TOWS matrix is an extension of SWOT analysis that helps you generate and evaluate different strategies based on the four elements of SWOT. TOWS stands for threats, opportunities, weaknesses, and strengths, and the matrix consists of four quadrants that match each pair of elements. For example, the SO quadrant represents the strategies that use your strengths to exploit the opportunities, while the WT quadrant represents the strategies that minimize your weaknesses and avoid the threats. A TOWS matrix can help you prioritize and select the best strategies for your project, as well as identify the gaps and risks in your SWOT analysis.

2 BCG matrix

A BCG matrix is a tool that helps you analyze the market position and growth potential of your products or services. BCG stands for Boston Consulting Group, the firm that developed the matrix in the 1970s. The matrix consists of four quadrants that classify your products or services based on two dimensions: market share and market growth. The four quadrants are: stars, which have high market share and high market growth; cash cows, which have high market share and low market growth; question marks, which have low market share and high market growth; and dogs, which have low market share and low market growth. A BCG matrix can help you allocate your resources and invest in your products or services according to their strategic value and potential.

3 PESTLE analysis

A PESTLE analysis is a tool that helps you scan the external environment and identify the political, economic, social, technological, legal, and environmental factors that can affect your project. PESTLE stands for the six categories of factors that you need to consider in your analysis. For example, you need to examine the political stability, regulations, trade policies, and tax laws that can influence your project's feasibility and profitability. A PESTLE analysis can help you anticipate and adapt to the changes and opportunities in your external context, as well as complement your SWOT analysis with a broader perspective.

4 SMART criteria

SMART criteria are a set of guidelines that help you define and measure your project's objectives and outcomes. SMART stands for specific, measurable, achievable, relevant, and time-bound, and each criterion represents a quality that your objectives and outcomes should have. For example, your objectives should be specific enough to describe what you want to accomplish, measurable enough to track your progress and results, achievable enough to match your resources and capabilities, relevant enough to align with your project's purpose and vision, and time-bound enough to set a deadline and a timeline. SMART criteria can help you clarify and communicate your project's scope, direction, and expectations, as well as evaluate your project's performance and success.

5 SWOT analysis checklist

A SWOT analysis checklist is a tool that helps you conduct a thorough and systematic SWOT analysis for your project. It consists of a list of questions that guide you through each element of SWOT and help you generate relevant and accurate information. For example, some of the questions for the strengths element are: What are the advantages of your project? What are the unique features or benefits of your product or service? What are the resources or competencies that you have or can access? A SWOT analysis checklist can help you avoid missing or overlooking any important factors that can affect your project, as well as organize and present your findings in a clear and concise way.

6 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?