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Filled under: Business Plan, Business Technology, Successful Entrepreneur | by Business Man |
Tags: Analysis, Business Technology, start bussiness, Successful Entrepreneur, SWOT, SWOT Analysis
SWOT Analysis is an extremely useful and powerful tool for understanding and decision-making for all sorts of situations in business and organizations. SWOT is an acronym for Strengths, Weaknesses, Opportunities, Threats. The SWOT analysis is for understanding your Strengths and Weaknesses, and for looking at the Opportunities and Threats you face. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.
You can use business SWOT analysis in two ways – as a simple icebreaker helping people get together and “kick off” strategy formulation, or in a more sophisticated way as a serious strategy tool. If you’re using it as a serious tool, make sure you’re rigorous in the way you apply it:
- Apply it at the right level – for example, at product or product line level, rather than at the much vaguer whole company level.
- Make sure that options generated are carried through to later stages in the strategy formation process.
- Only accept precise, verifiable statements
- Ruthlessly prune long lists of factors, and prioritize them so that you spend your time thinking about the most significant factors.
- Supplement it with other option-generation tools – none is likely to be completely comprehensive.
Used in a business context, business SWOT Analysis can help you carve a sustainable niche in your market. Used in a personal context, it helps you develop your career in a way that takes best advantage of your talents, abilities and opportunities.
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