SWOT is a basic strategic analysis tool that is much used & abused, and there is little value at the end of the exercise other than a list.

This might be because we are actually going about it the wrong way. First up is the way that SWOT is historically presented using the 4 quadrants which allow for limited phrases which don't really convey anything significant. We end up with weaknesses like 'pricing' which don't really convey any concrete information and which could actually crop up in all the 4 quadrants in different forms. There is also no heirarcy which leads to concrete recommendations.

However, the most significant way, we might be doing SWOT wrong is starting in the wrong order.

Because of the very way, the word is structured, we end up starting with the internal focussed strengths & weaknesses before looking outward for Opportunities & Threats.

This approach often leads to myopia as the strengths & weaknesses are assessed from an internal perspective before the opportunities & threats are thought about and assessed. Opportunities & Threats are biased by the internal perspective and are reflective of the company's strengths & weaknesses.

There is a better way to do this but first don't limit the exercise to the format of a powerpoint slide.

First start from the external perspective as this is the space where not just you but also your competition is playing. This allows you to consider the environment independently of what you or your company is doing. And when you come to strengths & weaknesses too, you uncover more in the light of the external environment as well as assess your strengths & weaknesses against competition.

You should then, not just leave the exercise at this level but rather use the analysis to come up with a concrete set of recommendations leveraging both the external & internal factors.

For example, since we are likely to face a recession and our costs are lower than the competition we could use this opportunity to significantly increase market share by running price promotions. Another example, could be since buyers are increasingly getting information online and avoiding meeting salespersons; while the integration of Marketing & Sales is difficult it makes sense to merge the functions and organize them on the lines of the buyer's buying journey.

I am sure if you do try this out you are likely to get amazing value from this simple exercise