Strategic Planning Frequently Asked Questions and Answers

What Is A SWOT Analysis?

SWOT is a strategic planning tool, usually used as part of doing an environmental scan, that help identify external factors that need to be planned for, and internal factors (i.e. strengths and weaknesses) that need to be planned for in determining where a business should be going in the future.

More specifically, the process involves identifying STRENGTHS, WEAKNESSES, OPPORTUNITIES, AND THREATS (which is what the letters SWOT stand for).

The SWOT analysis can be done as part of strategic planning, but it can also be done independently of the larger process as a standalone.

By capitalizing on one's strengths, and minimizing or correcting one's weaknesses, a company is better able to take advantage of opportunities as they emerge, and cope with threats before they become dangerous.

See Also: Why Is Strategic Thinking So Important To The Success of Any Business?

For more indepth articles, free examples, and SWOT help with the SWOT process click here.