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For many executives and consultants, SWOT Analysis is shorthand for “Hey, let’s do our strategic analysis today.” It’s a bit like asking, “What’s on television?” when the world of content ranges from Netflix to Amazon, cable to YouTube, and innovations like Quibi—high-quality, bite-sized content intended for mobile devices that will likely upend the entertainment industry.

Many executives don’t realize that SWOT was created more than 50 years ago—and has not changed since. In contrast, the nonprofit sector has changed considerably since the 1960s. The ubiquitous acceptance of SWOT masks four major shortcomings that lull us into thinking we’ve covered everything important, when in fact we have not.