A Quick SWOT Analysis Adds Value
A Quick SWOT Analysis Adds Value: In order for any business organization to thrive; Owners, Managers and HR must make valuable and quality decisions. The SWOT Analysis is a quick and helpful tool that can be used when developing a strategic plan for your organization. This tool can also be used to make solid day-to-day decisions concerning your organization. In order for a business to make favorable decisions in either strategic planning or daily decisions; Owners, Managers and HR needs to assess the organization’s internal Strengths and Weaknesses, as well as its external Opportunities and Threats. While Strengths and Weaknesses focus on reputation, customers and location; Opportunities and Threats focus on competitors, prices and suppliers.
Strengths: Strengths are internal, positive components of your organization in which you are fully in control. What is your competitive edge?
Weaknesses: Weaknesses are internal, negative components of your organization that takes away from your company’s competitive edge. You have the opportunity to change these negativity issues into Strengths.
Opportunities: Opportunities are external, positive impacts of your organization that are outside of your organization. Your opportunity can also be a threat to your competitor.
Threats: Threats are external, negative impacts of your organization that are outside of your organization. You should constantly monitor your organization’s threats.
SWOT Analysis can be used at any level of business, from considering to enter into a new market to selecting a new employee. When strengths and opportunities are maximized and weaknesses and threats are minimized, organizations will thrive. If you use the SWOT Analysis for daily decisions, you will contribute a beneficial asset to your company!
The SWOT Matrix below will be helpful when conducting your SWOT Analysis. A Quick SWOT Analysis Adds Value
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