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Strategic business planning top tips - SWOT analysis

Posted by Mark Hobart on Nov 18, 2018 5:35:56 PM

Strategic business planning top tips - SWOT analysis

SWOT analysis

One of the most helpful tools that can be used to understand your organisation is the SWOT analysis. SWOT is an acronym for strengths, weaknesses, opportunities, and threats. This framework considers the external and internal influences that could impact upon your organisations position and performance.

The SWOT analysis headings provide a good basis for reviewing

strategy, position, and direction. The SWOT analysis should be linked to your organisations aims and objectives.

The importance of a SWOT analysis is that it can:

  • Help support business decisions,
  • Help with strategic planning,
  • Bring weaknesses to light,
  • Highlight strengths that can be utilised.

Factors to consider:

Strengths Weakness
Internal Characteristics of the organisation that give it an advantage over competitors Internal characteristics that place the organisation at a disadvantage relative to competitors.
Opportunities Threats
External possibilities to improve performance in the environment. External elements in the environment that could negatively affect the organisation.

Once this step is completed the next stage you need to move onto is to set goals and objectives.

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Topics: Business Intelligence

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