Business Plan Tips : SWOT Business Analysis

Poziom:

Temat: Biznes

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.

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