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A SWOT analysis can strengthen your business plan and improve team building

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Mark L. Goldberg

Almost any planning initiative, whether intended for launch, growth, maintenance, or termination, can apply the use of SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to give planning depth. increase. This approach to planning is useful when launching a new product, rebranding, establishing a new direction, or expanding by acquiring a competitor. It’s an approach to planning that helps bring your company’s vision to life.

A good SWOT analysis is a roadmap because it shows what your business is working, what is not working, red flags, and possible new paths to take. This allows you to prioritize elements that appear equal until evaluated against each other. This process shows you how to improve your processes and procedures. It also shows you where the obstacles are that are holding you back from achieving your goals.

A useful feature of using SWOT as a signpost is that it presents a neutral analysis of what is considered “good, bad, and ugly.” Being an objective view of the business, it can be used by owners, employees, investors, stakeholders, partners, board members and even customers.

The advantage of using SWOT as part of your plan is that it’s less complex and reduced to a single sheet of paper. Building a SWOT analysis, if done properly, is a great team building exercise and promotes participation and belonging in an organization. There is real buy-in when your team works to develop objectives and action plans to address those objectives.