The Knock-Out Punch - Part Deux...
Or how to be a right SWOT so you know what's working and what isn't đ
Hello again, my lovely! đđťđ¤Š
So last week, I talked about the importance of doing a SLEPT analysis, like right now, as pretty much everything has changed from a socio-economic and political standpoint - and is also likely to see big changes to the legal side of things as well⌠đ
Why right now?
Because if you donât take time and research to understand the new field youâre going to be playing in, then *tag* youâre it!
And since I even gave you a template framework for one, thereâs no excuses to have at least got a âconcept of a planâ about what to do next. đ¤Łđ¤đť
This week, therefore, we're diving deep into the world of SWOT analysis - the second part of the SLEPT-SWOT knock out punch - but don't worry, I promise it'll be more exciting than watching paint dry.
In fact, if you're running an early-stage business or even starting the heady scaling journey, this might just be the (other) game-changer you've been waiting for.
So, grab your favorite caffeinated beverage1, find a comfy spot, and let's embark on this journey together. Trust me, by the end of this newsletter, you'll be SWOTting like a pro (and no, that's not a typo, my sweet summer child).
What's SWOT Got to Do (Got to Do) With It?
First things first: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It's like a mirror for your business, showing you the good, the bad, and the "oh-crap-we-need-to-fix-that" parts of your startup2.
Now, I know what you're thinking: "But I already know my business inside out!"
To which Iâll say, âReally?â
Because itâs fascinating â and a little scary â to find how few Founders and CEO regularly undertake a SWOT analysis of their business.Â
Itâs a key part of Business Studies courses â or at least it was when I took my degree at Stirling University (nearly 40 years ago â eek đą), and although every client Iâve had in the last decade knew that they should have been doing one regularly, somehow they never quite found the time to get around to it (or so they saidâŚ)
In fact, for many of them, the truth was they didnât know where to start and they didnât know what questions to ask. So, it got put off, or put into the âtoo difficultâ box and forgotten about.
Why?Â
Because very few Founders, or even hired-gun CEOs â particularly in the STEM world â have business-related qualifications3. đ
Theyâre chemists, biologists, physicists, engineers, mathematicians, medical practitioners, codersâŚ
Theyâve become accidental Founders, driven by their skills and innovative vision, and the skills required to create and grow a business are things they have just had to pick up along the way.
They have probably consumed more information about leadership and business than you would care to think about. But they struggle to put this additional learning into practice because they donât think they have time, and they canât see a way of making the words on the page (or in their ears) come alive and become applicable to their business.
SWOTaholic - The STEM Special Brew
For most of my clients - amazing STEM founders and CEOs just like you - a standard SWOT analysis just won't cut it.
Iâve seen over the decades that you need something tailored to your unique challenges and opportunities. So, I've crafted a special SWOT framework just for you.
This template download goes into it in more detail (much more detail - but easy to digest, honest đ), so let's break it down to the short-form version, shall we?
Strengths: Your Superpower Arsenal
đŻ Technological Edge: What's your secret sauce? Is your AI so smart it could beat Skynet in a game of chess?
đŻ Talent Pool: Do you have a team of geniuses that make Einstein look like he's struggling with basic arithmetic?
đŻ Innovation Velocity: Are you churning out patents faster than a caffeinated squirrel on a wheel?
Weaknesses: The Kryptonite in Your Cape
đą Operational Gaps: Is your product development cycle slower than a sloth on vacation?
đą Market Penetration: Are you reaching your target audience, or are your marketing efforts more like shouting into the void?
đą Resource Constraints: Is your R&D budget tighter than your jeans after Thanksgiving dinner?
Opportunities: Your Personal Wonka Bar Golden Ticket
đ° Market Expansion: Are there adjacent markets just begging for your tech
đ° Emerging Technologies: Could integrating AI, blockchain, or another tech flavor of the month take your product from "meh" to "shut up and take my money"?
đ° Unmet Customer Needs: Are there problems in your industry that are practically screaming for your solution - and (more importantly) no-one else is dealing with them?
Threats: The Boogeyman Under the Bed
đ Competitive Landscape: Are there giants in your industry who could squash you like a bug if they noticed you?
đ Regulatory Environment: Are there any pending regulations that could turn your business model into a pumpkin at midnight?4
đ Market Dynamics: Could an economic downturn or technological shift make your product as obsolete as a floppy disk?
Making It Actionable: The SWOT-to-Success Pipeline
Now, my lovely, a SWOT analysis is only as good as what you do with it. Here's how to turn those insights into action:
đŻ Prioritize: Not all strengths are created equal. Focus on the ones that give you the biggest competitive edge.
đŻ Connect the Dots: Can you use your strengths to seize opportunities? Can you shore up weaknesses to mitigate threats?
đŻ Set SMART Goals: Make your action items Specific, Measurable, Achievable, Relevant, and Time-bound.
đŻ Assign Ownership: Make sure someone is responsible for each action item. (No, your office plant doesn't count.)
đŻ Review Regularly: The STEM world moves fast. Make SWOT analysis a regular part of your strategy sessions.
The SWOT Mindset: Embracing the Good, the Bad, and the Ugly
Here's the thing, my sweet summer child: successful SWOT (and SLEPT) analysis isn't just about filling out a matrix. It's about cultivating a mindset of continuous improvement and strategic thinking.
It's about being honest with yourself - brutally honest. Yes, even about that feature you spent six months developing that users ignore like it's a terms and conditions agreement.
But it's also about recognizing your superpowers. Maybe your UI is so intuitive it makes Apple look clunky. Or perhaps your customer support is so good, clients write love sonnets about it. (If so, please share those sonnets. Nothing like heartfelt praise to raise a smile.)
Your SWOT Mission, Should You Choose to Accept It
So, my lovely, here's your homework (don't groan, I promise it's the kind that will repay the effort):
Block out 2 hours this week to get started on your own SWOT analysis.
Use the framework in the template to give you your starting points
Be brutally honest. Remember, this is for your eyes only (unless you want to share with the class - we're all friends here).
Come up with at least three actionable items based on your analysis.
Share your biggest insight with me - I'm always curious to learn from you brilliant folks!
Remember, a SWOT analysis isn't about beating yourself up over weaknesses or patting yourself on the back for strengths. It's about gaining clarity, identifying opportunities, and crafting a strategy that plays to your unique advantages.
So go forth, my sweet summer child, and SWOT like your startup depends on it. Because, well, it kind of does.
Until next time, keep innovating, keep analyzing, and most importantly, keep being your awesome self.
Youâve got this⌠đŻ
Go! Confront the problem! Fight! Win! And call me when you get back, dahling. I enjoy our visitsâŚ
đđťđđťđđť Thank you for reading Founders' Fuelâ˘. I write these posts so that I can help people like you become the leaders their businesses (and dreams) deserve.
This post is public so please feel free to share it with someone that you think will appreciate or benefit from it.đđ¤đťđ¤đť
Or not as the case be - water, soda, decaf, hot chocolate, wine or beer: you do you, my lovely đ¤Š
And as Iâve said before, an MBA is all well and good - but again itâs all theory, and mostly taught by theoretical academicians who have never run a business in their lives đ. I managed the FT, PT and Caribbean MBAs for a global top-40 Business School in a previous life, as well as wrangled plenty of Business School academics in the 1990s when we used them as Associate Consultants. I know of what I speakâŚ
Iâve said it before, and Iâll say it again: you absolutely have to read Project 2025 to understand what these are likely to be, and how they might impact you, your team, your supply chain, your clients, and your future growth. Here it is, in its 920 page entirety (with a parsed version exploring likely impacts) so you have no excuse now. As the punchline to that old Scottish joke goes âLord, Lord, ah didnae kenâŚâ, âAh weel, you ken noo!â
.