SWOT Analysis: What It Is & How To Use It

Description
SWOT is an acronym; it stands for Strengths, Weaknesses, Opportunities, and Threats. You should do this at the beginning of your strategic planning process to determine what'g going on inside your organisation as well as outside your organisation. As with all parts of the strategic planning process, you want to involve the key leaders in your team, and get input from staff and other stakeholders, but for this exercise it's really a key for self-assessment to see what you do well, what you do less well, and what's going to happen in the future and where you can go.

SME Strategy Consulting regularly use this tool with their clients as it's really useful for planning purposes. As well as identifying each aspect within your business, it also helps you to identify where you can gain competitive advantage.

Length: 5 minutes 24 seconds