(5) Know your strengths, weaknesses, opportunities, and threats (SWOT).
With strengths and weaknesses easily visualized through a capabilities matrix, the next step in capture management is to conduct an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). SWOT analysis is typically reflected in a matrix.
- Strengths identified serve as the basis for win themes
- Weaknesses identified indicate areas of improvement required to increase your Pwin
- Opportunities open to you may increase your Pwin
- Threats you face are risks and obstacles that must be overcome or minimized to win
Examples of strengths include:
- Core competencies
- Competitive advantages
- Unique Selling Propositions (USP)
- Resources, Assets, People
- Expertise and Knowledge
- Financial reserves
- Brand
- Product Development
- Location
- Price, value, quality of product / service
- Accreditations and certifications
- Unique processes, systems, IT, communications
- Corporate culture and values
- Management depth
Examples of weaknesses include:
- Gaps in competencies
- Lack of competitive advantage
- Lack of a USP
- Limited resources, assets, and people
- Gaps in expertise and knowledge
- Financials and Working Capital
- Reputation, presence and reach
- Poor or slow product development
- Reliability of data, plan predictability
- Lack of mission, vision, and values
- Missing accreditations / certifications
- Processes and systems
- Management depth
- Recruiting and retention
Examples of opportunities include:
- Market developments
- Competitors’ weaknesses
- Innovation
- Industry trends
- New markets
- Niche markets
- Geographical
- Research and development
- Distribution channels
- Economies of scale
- Demographic trends
Examples of threats include:
- Political or legislative changes
- New technology
- Competitor intentions – various
- Market demand
- Loss of key employees
- Economic downturn
- Financing for growth
- Reliance on key customers / partners
- Demographic trends
- Seasonality, weather effects
Many businesses perform SWOT analysis as part of strategic planning. However, SWOT analysis should be performed early and often for each opportunity pursued. Key questions to consider for each opportunity and as your capture and teaming strategy evolves:
- What opportunities do you have to solve customer problems?
- What Team Strengths contribute to these solutions or innovations?
- What weaknesses can you eliminate and/or what threats can you mitigate by refining your teaming strategy?