December 8, 2022
SWOT analysis can strengthen business plans and increase team building

SWOT analysis can strengthen business plans and increase team building

Marc L. Goldberg

Almost any planning initiative whether it be aimed at launch, growth, maintenance, or exit can apply the use of a SWOT — Strength, Weaknesses, Opportunities and Threats — analysis to give the plan depth. When launching a new product, rebranding, taking a new direction or even expanding by buying out a competitor this approach to developing a plan is beneficial. It’s an approach to planning that helps actualize your enterprise’s vision.

A good SWOT analysis becomes a roadmap since it points to elements of your business that are working, not working quite well, danger signs and potential new roads that could be taken. It allows you to prioritize elements that appear to be equal until evaluated one against the other. This process guides you to ways to improve your processes and procedures. And, it shows you where there are elements that can hold you back from accomplishing your stated goals.

SWOT analysis can strengthen business plans and increase team building

The beneficial characteristic of using SWOT as a guidepost is that it presents a neutral analysis of what might be considered “the good, bad and ugly.” It can be used by owners, employees, investors, stakeholders, partners, board members and even customers since it is an objective view of the business.

The nice part of using SWOT, as part of a plan, is that it is not complicated and can be captured on one sheet of paper. When done right, the construction of a SWOT analysis is a good team-building exercise and promotes inclusion and belonging to an organization. When your team is engaged in creating the objectives and plans of action to address the objectives there is authentic buy-in.

https://www.capecodtimes.com/story/business/2022/09/25/swot-analysis-can-strengthen-business-plans-and-increase-team-building/10435903002/