Business Plan Tips : SWOT Business Analysis
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Business Plan Tips : SWOT Business Analysis

Anyone whose ever been involved in doing business
planning has been exposed to doing a SWOT analysis; strengths, weaknesses, opportunities
and threats. Keys to know about doing our defective SWOT analysis, there are two components,
internal and external. Internally, you’re looking for strengths and weaknesses specifically
those things that what hamper your accomplishing the strategy or the direction you have in
mind. External analysis is looking for opportunities and threats. Again, those things specific
to where you anticipate that you’re going to be going. The result of this is a SWOT
profile which is where most people stop. Actually that’s a mistake. The key next step is to
try to identify what are, which of these are likely to happen, more likely or less likely
and what impact do they likely to have, low or high. Things that have low probability
and low impact, even though they’re key issues, they don’t affect you and you should ignore
them. The second category would be those with have high impact but are lot likely to happen.
These things rather than building a strategy around them should be put on a watch list
that you keep track of. Third would be things that have a high probability of happening
but they have relatively low impact. Rather than making them the core of the strategy
or your business plan, create contingency plans if they should happen. You really build
a plan around your strategic issues around those things, those SWOT items that have high
probability and high impact.

About Ralph Robinson

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7 thoughts on “Business Plan Tips : SWOT Business Analysis

  1. I see candidates use a SWOT analysis in interviews. If done well, it is super impressive to hiring/interviewing managers.

  2. SWOT's are awesome (Opinion of Daniel @ Smarta) I find them very useful to do at the very start of a project, never leave the concept stage without having first put together a SWOT analysis.

  3. I have seen some rubbish SWOTs full of ambiguous, wishful thinking points…no prioritization…points that could be in the SWOT of any organization in the world…I tell my students to avoid SWOT….it is much misused and IMHO it is a lazy analyst escape root…

  4. @xCodNationx Or he just wants to know exactly what to say so that he doesn't trip over his words or end up rambling about something for longer than he needs to.

  5. Superior and Great Video!
    I use an iPhone app called "mySWOT" which helps me to utilize my strengths, overcome my weakness, seize the opportunities and avoid threats! with this simple change I have done some good advance in life!

  6. What a load of absolute rubbish, its corporate nonsense like this that has companies paying out untold millions to "consultants" that just produce yet more management spiel .
    Stupid Waste Of Time (SWOT).

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