SWOT

SWOT is a special planning tool used to provide guidance during development of a project. This is a detailed layout that provides insight on actions that need to be taken in order to obtain favorable results. The plan provides detailed insight on positive and negative efforts related to the project. It may review possibilities of what may happen and what can be done to avoid certain occurrences. The overall idea is to have a planned objective for the venture or project to stick to that includes reviewing 4 parts of the process including strengths, weaknesses, opportunities and threats (known for short as SWOT).

Strengths and weaknesses may each be defined early in the planning process. Strengths are areas that could help the project move forward while weaknesses may result in internal aspects that could prevent achievement of desired results. Strengths may be seen as better options or guarantees the business will get to where it wants to be in its industry. Weaknesses can be seen as problems that could be foreseen before it becomes a problem. Weaknesses can be worked through but they could take time to see improvement the business can benefit from.

Opportunities and threats are similar elements related to strengths and weaknesses, except they are more defined areas that need work or additional effort put in. Opportunities may include working with others such as the general public or vendors that can help you get to the next step. Threats may be seen as your competition or things that could put your project in a negative light. Opportunities are seen as an important element as this is something you want to continue to grow and maintain. Without them the business may not be able to work on or improve other elements associated with the SWOT strategy.

SWOT brings all elements together in the form of a to-do list and helps provide a strategic plan that becomes an important business tool. As the business continues to establish itself elements of this plan may change. When success is achieved it shows their plan had the right number of elements in place to achieve favorable results. When results are not reached, SWOT can help identify problem areas and adjustments can be made accordingly. Each business will have a strategic plan that varies depending on their industry. Their plan will also change as they make changes to their company goals.