When strategic planning, a SWOT helps you define your business strengths, weaknesses, opportunities, and threats.
A useful tool you can use to assess the environment you’re competing in is called the SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. And typically, it’s drawn on a grid. For strengths and weaknesses, those are typically within your own organization, capabilities you have or don’t have. As far as opportunities and threats, they can either be internal or external market-facing opportunities and threats.
So let me walk through an example. As you build a SWOT analysis, you’ll want to have the team together and have people throw out their ideas. And it’s generally a brainstorming session. Read more