SWOT

Also called SWOT analysis, PESTLE, Porter's five forces

A framework for organising what you know about your position. A starting point that is often mistaken for a conclusion.

What it means

SWOT lists strengths, weaknesses, opportunities and threats. Strengths and weaknesses are internal; opportunities and threats are external.

PESTLE scans the external environment — political, economic, social, technological, legal, environmental. Porter's five forces analyses the competitive structure of an industry.

Why it matters

They are genuinely useful for making sure a discussion covers ground it would otherwise skip, particularly the uncomfortable ground.

They stop being useful the moment the completed grid is treated as the output. A SWOT is a page of observations; a strategy is a decision.

What it looks like in practice

Be specific. "Good customer service" is not a strength unless you can say how you know and why competitors cannot match it.

Do it with more than one person, including someone who deals with customers daily. Owner-only analyses are consistently more flattering.

Finish with an action list. Every item that does not lead to a decision should be crossed off.

What to watch out for

Listing an aspiration as a strength.

Threats that are really excuses. "The economy" is not actionable; "our two largest customers are in one sector" is.

Where to get proper advice

Free templates are everywhere and adequate. A facilitator is worth it only if the honest conversation is not otherwise happening.