A SWOT analysis is an assessment of the Strengths, Weaknesses, Opportunities and Threats facing a new or established business. It should always be conducted prior to the compilation of a detailed business plan. A realistic and unbiased SWOT analysis could form the basis for the strategies to be followed throughout the plan. A failure to determine SWOTs could result in a plan which is unclear, misguided and lacking focus and direction.
Strengths and weaknesses are essentially internal to the organization and relate to matters concerning resources, programs and organization in key areas.The objective is to build up a picture of the outstanding good and bad points, achievements and failures and other critical features within the company. If a startup is being planned, the strengths and weaknesses are related mainly to the promoter(s) - their experience, expertise and management abilities - rather than to the project.
The threats and opportunities are external to the company and relate to the industry and marketplace in which the business operates; changes or trends in competition, technologies and so on.
Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likely the case, a series of strategies or combinations of tactics will suggest themselves. Use the SWOTs to help identify possible strategies as follows:Internal External
Build on strengths Exploit opportunities
Resolve weaknesses Avoid threats
If the business is seeking significant growth, it is important to fast-forward and assess SWOTs as they might exist a year or two hence. This will help ensure that strategies are ambitious and robust and that emerging issues are anticipated. Have a look at the discussion on SWOTs and related matters in Developing a Strategic Business Plan (and especially Sections 1.3 to 1.5).
The resulting strategies can then be filtered and moulded to form the basis of a realistic strategic plan - see Devising Business Strategies for further insights into the development of strategies and the free Online Strategic Planner for creating a 3-page strategic plan. Here is a sample strategic plan compiled using the planner. A plan along these lines should be incorporated into a business plan and it would, in effect, become the foundation for all the assessments, actions, projects and programs detailed throughout the plan.
source:www.planware.org
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