One of the best and most relatable planning tools is the SWOT analysis.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
Strengths and Weaknesses are internal characteristics of what you are analysing, whether it be your business or a part of the business, like a product or a system. You can control what happens to your Strengths and Weaknesses.
On the other hand, Opportunities and Threats are external influences on your business or other parts of your business. You are not in control of whether these Opportunities or Threats crystalise, but you may be able to manage their effects.
You can use SWOT to analyse your business and help you to create business-improvement strategies.
So, how do you conduct a SWOT analysis, and what does it tell you about your business? Read More