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SWOT analysis - a standard tool in business planning
 

SWOT analysis - a standard tool in business planning

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Strategically analyze your business. Find out what your strengths, weaknesses, opportunities and threats are. Increase your strengths, minimize your weaknesses, exploit your opportunities and avoid ...

Strategically analyze your business. Find out what your strengths, weaknesses, opportunities and threats are. Increase your strengths, minimize your weaknesses, exploit your opportunities and avoid the threats. Check out: http://www.business-plan.co.za

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    SWOT analysis - a standard tool in business planning SWOT analysis - a standard tool in business planning Document Transcript

    • SWOT Analysis - A Standard Tool in Business Planning SWOT Analysis SWOT AnalysisA Standard Tool inBusiness Planning
    • SWOT Analysis - A Standard Tool in Business Planning SWOT Analysis Strategically analyze your business. Find out what your strengths, weaknesses, opportunities and threats are. Increase your strengths, minimize your weaknesses, exploit your opportunities and avoid the threats. Click hereSWOT Analysis has become a standard in any type of businessplanning, be it a small business plan or the strategic planning processin a large, multinational company. It is an excellent tool that can helpany business manager focus his or her attention on whats important.What is SWOT Analysis?SWOT is an an acronym for Strengths, Weaknesses, Opportunitiesand Threats. It focuses your attention very specifically and has youidentify factors in each of the above areas. That alone is a veryworthwhile exercise. But it shouldnt end there.How to Conduct a Meaningful SWOT Analysis?Simply listing several items under each of those categories (Strengths,Weaknesses, Opportunities and Threats) is a good start, but it couldnot be called an "analysis". So how can we make this process moremeaningful?
    • SWOT Analysis - A Standard Tool in Business Planning SWOT AnalysisFirst, when looking at the companys strengths and weaknesses, weneed to focus our attention on the internal factors. In contrast, theopportunities and threats need to be analyzed in terms of the outsideworld.1. We begin, therefore, by brainstorming lists of strengths,weaknesses, opportunities and threats. We should make sure that ourbrainstorming covers all functional areas of the company - marketing,sales, operations, finance, management, logistics, etc.2. We then boil down our lists to the most important factors - 10 atthe most in each of the categories - and evaluate them in terms oftheir importance, relevance and strategic impact.3. And now we have a good basis for an in-depth discussion whichshould explore each of those factors in terms of their implications toour companys performance up to now and its future potential.4. Each of the areas - Strengths, Weaknesses, Opportunities andThreats - needs to be addressed in depth by itself first. Then, parallels
    • SWOT Analysis - A Standard Tool in Business Planning SWOT Analysisshould be drawn between the internal strengths of a company and itsexternal opportunities. Some of those combinations could uncover anew strategic direction or confirm an existing one.5. Links between the internal weaknesses and external threats areareas which will require managements attention. These are seriousweak spots which could prove to leave the company too vulnerable.They will have to be addressed and resolved.6. One should then take a look at what is both an internal weaknessand an external opportunity. These are areas with great potentialwhich can focus managements efforts to eliminate those weaknesseswith new motivation.7. The last combination of factors would be those which are both aninternal strength and an external threat. Many companies haveoverestimated their strength. One should ask some probing questions- are we as strong in this areas as we believe we are? Is this strengthgoing to withstand this threat?
    • SWOT Analysis - A Standard Tool in Business Planning SWOT AnalysisAs you see, a SWOT analysis can help you uncover a variety ofinterrelated factors in your business. When performed properly, it is agreat tool aimed at examining the business from all possible angles.Strategically analyze your business. Find out what your strengths,weaknesses, opportunities and threats are. Increase your strengths,minimize your weaknesses, exploit your opportunities and avoid thethreats. Click here
    • SWOT Analysis - A Standard Tool in Business Planning SWOT AnalysisLucy Rudnicka is a former Corporate Controller. She now owns her own AccountingServices firm and specializes in small business bookkeeping as well as part-timeController services. She believes that every business, no matter how small, needsaccurate and timely financial statements. Visit her site athttp://www.financialsforyou.com and learn more about managing a small business withfinancial intelligence.Ready to get started with your own SWOT Analysis? Download a SWOT Analysis ChartTemplate.Article Source:http://EzineArticles.com/?expert=Lucy_Rudnicka