Combining SWOT with other Strategy Tools
It is my experience that the SWOT analysis as a standalone tool is not better than a simple brainstorming process focused on the four different issues.
In order to make it work, it is necessary to work several other analysis e.g. Value Chain Analysis
, Competitor Analysis
, PEST Analysis
, Porter's Five Forces
, financial analysis etc before you can determine if you have a solid case. Otherwise you don't have any kind of proof to support why you think that your technology for instance is superior to your competitors, or that lack of size is a threat in the global competition.
Only after you have done the initial work, you will be able to harvest the real value of the SWOT and if you decide to go a step further the TOWS Matrix