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SWOT analysis - a standard tool in business planning
1. SWOT Analysis - A Standard Tool in Business Planning
SWOT Analysis
SWOT Analysis
A Standard Tool in
Business Planning
2. 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 here
SWOT Analysis has become a standard in any type of business
planning, be it a small business plan or the strategic planning process
in a large, multinational company. It is an excellent tool that can help
any business manager focus his or her attention on what's important.
What is SWOT Analysis?
SWOT is an an acronym for Strengths, Weaknesses, Opportunities
and Threats. It focuses your attention very specifically and has you
identify factors in each of the above areas. That alone is a very
worthwhile exercise. But it shouldn't 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 could
not be called an "analysis". So how can we make this process more
meaningful?
3. SWOT Analysis - A Standard Tool in Business Planning
SWOT Analysis
First, when looking at the company's strengths and weaknesses, we
need to focus our attention on the internal factors. In contrast, the
opportunities and threats need to be analyzed in terms of the outside
world.
1. We begin, therefore, by brainstorming lists of strengths,
weaknesses, opportunities and threats. We should make sure that our
brainstorming 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 at
the most in each of the categories - and evaluate them in terms of
their importance, relevance and strategic impact.
3. And now we have a good basis for an in-depth discussion which
should explore each of those factors in terms of their implications to
our company's performance up to now and its future potential.
4. Each of the areas - Strengths, Weaknesses, Opportunities and
Threats - needs to be addressed in depth by itself first. Then, parallels
4. SWOT Analysis - A Standard Tool in Business Planning
SWOT Analysis
should be drawn between the internal strengths of a company and its
external opportunities. Some of those combinations could uncover a
new strategic direction or confirm an existing one.
5. Links between the internal weaknesses and external threats are
areas which will require management's attention. These are serious
weak 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 weakness
and an external opportunity. These are areas with great potential
which can focus management's efforts to eliminate those weaknesses
with new motivation.
7. The last combination of factors would be those which are both an
internal strength and an external threat. Many companies have
overestimated their strength. One should ask some probing questions
- are we as strong in this areas as we believe we are? Is this strength
going to withstand this threat?
5. SWOT Analysis - A Standard Tool in Business Planning
SWOT Analysis
As you see, a SWOT analysis can help you uncover a variety of
interrelated factors in your business. When performed properly, it is a
great 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 the
threats. Click here
6. SWOT Analysis - A Standard Tool in Business Planning
SWOT Analysis
Lucy Rudnicka is a former Corporate Controller. She now owns her own Accounting
Services firm and specializes in small business bookkeeping as well as part-time
Controller services. She believes that every business, no matter how small, needs
accurate and timely financial statements. Visit her site at
http://www.financialsforyou.com and learn more about managing a small business with
financial intelligence.
Ready to get started with your own SWOT Analysis? Download a SWOT Analysis Chart
Template.
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