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SWOT Analysis

Use a SWOT analysis to see the big picture of your business status

By George Angus, Owner, Tumblemoose Productions
A SWOT analysis is crucial to the strategic planning and development of your business in today's competitive marketplace. An objective analysis of Strengths, Weaknesses, Opportunities and Threats will give a clear picture of where your business is and where it needs to go. Identifying the internal strengths and weaknesses and the external opportunities and threats results in a SWOT matrix.

Participants in the analysis should consist of stakeholders in upper management who have a role in the strategic planning of the company. The SWOT analysis should be facilitated by a strategic planning expert. When considering SWOT analysis providers, be sure to check:

1. Depth of experience - Does the SWOT analysis provider have the client list and years of experience to establish credibility in the field?

2. Breadth of experience - Is a SWOT analysis the only offering of the company? Are they well versed in all aspects of strategic planning?

3. A good fit - Are the initial phone conversations with the SWOT analysis provider cordial and real or are they merely a sales pitch? Did they do most of the listening or most of the talking?

 

Review your organization's existing SWOT analysis and strategic planning documents

If your strategic plan has been buried in the clutter of conducting day to day business, it's time to dust it off and take a good look at the strategic work that has been done in the past.
Try: Review the SWOT analysis lesson at Marketing Teacher. The downloadable SWOT analysis template at Businessballs will give you a good idea of what a SWOT analysis looks like.

Buy SWOT analysis software

For some businesses, paying for a facilitator is not the best solution. Do it yourself SWOT analysis software is readily available to help guide you through the process.
Try: Check out Excel-based SWOT-Manager from Microsoft. Includes action plans, evaluations and performance reviews. Matchware offers the unique OpenMind business software which includes an array of SWOT analysis tools. A SWOT analysis worksheet from MindTools is a good starting point. This free download from SmartDraw can help you create a SWOT analysis diagram in minutes.

Find SWOT analysis providers

Once you've made the decision to buy a SWOT analysis, this may be the most important step in your strategic planning process. Finding a competent and compatible SWOT analysis provider is the foundation for all of your strategic planning.
Try: Meeting Facilitators International can help facilitate your SWOT analysis meeting. The Renaissance Group offers an eclectic set of facilitation services including SWOT analysis facilitation. Coach22 is a business coaching services that offer free tools, including SWOT resources.

 

  • Take the time to research a competitor's SWOT analysis. It's possible that the document is on their web site. Otherwise, it's also interesting to look at the SWOT analysis documents for a company like Wal-Mart or Coca-Cola.

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