Need any help? Talk to expert : 011- 45071800

SWOT Analysis- Powerful tool for strategic business planning

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business in the book Strategy Safari (1998), management scholar Henry Mintzberg and colleagues of strategic management, "with its famous notion of SWOT" emphasizing assessment of a company's internal and external situations

Since the information is presented in an easy-to-read grid, SWOT analyses are quick and straightforward assessments. And Once everything is organized, the condition of your business is easier to assess. Here’s a breakdown of what each word means in the context of a SWOT analysis:

When Should I Do a SWOT Analysis?

There’s no right or wrong time to do a SWOT analysis. There are, however, times when a SWOT analysis can be particularly useful. Here are 4 times when it’s a good idea to look inward and outward:

When internal business conditions change

Maybe you’ve got a new CEO, your business is scaling rapidly, or departments are being restructured. A SWOT analysis can provide insights that can help with transitions and adjustments.

When external market conditions change

New competitors, shifting economic conditions, regulations, and other shifts in the marketplace can leave businesses in need of reflection. A SWOT analysis can help keep you on your toes and ready to address incoming challenges.

Before strategic planning

Strategic planning often involves new initiatives and changes in resource allocation. Before beginning the planning process, it helps to know the current condition of your business or team so you can make forward-looking decisions.

On a scheduled basis

While most companies do strategic planning every few years, it won’t hurt to do a SWOT analysis on a more regular basis. A quick SWOT analysis on a quarterly or semi-annual basis will provide information you can use in the short term, and bring to the strategic planning process when it’s time.

Presentation on "SWOT ANALYSIS "

SWOT Analysis- Powerful tool for strategic business planning