Summary:

Through SWOT analysis, executives can develop a greater understanding of what position the company is currently in and more importantly – how to advance to the next level. Lou Schultz defines SWOT, strengths, weaknesses, opportunities, and threats in this article and gives several examples of relevant questions to ask when performing SWOT analysis.

The top questions Shultz gives for each topic area are: Strengths – what do you do best? Weaknesses – what are your organization’s most critical vulnerabilities in the eyes of your customers? Opportunities – where are the unmet needs? and Threats – in what areas of markets and products are you in the declining phase? These of course are just a few of the questions organizations need to address when assessing their companies. Follow the link below for a complete list of questions from each area.

Article Quote:

“Research and discussion of strengths, weaknesses, opportunities, and threats will reveal areas to be shored up or strengthened and other areas to be exploited in your planning activity.”

Link:http://www.parkrapidsenterprise.com/event/article/id/21307/group/News/

Strategic planning should include swot analysis to gain a better understanding of the company’s position within the market. However, it is not the only tool available when developing a strategic plan. By starting with the mission and vision of the company and moving on to a planned outcome of events, organizations can begin to develop a strategy for planned objectives. Tactical plans can then be developed and should be viewed as small steps along the path of the strategic plan.

For more information on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/