What is a SWOT Analysis? - A SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a tool used to provide a general or detailed snapshot of a Companies health. Think of your SWOT as a tune-up that every business needs periodically to diagnose and fix what's a bit worn, what's on the verge of breaking down, or what's already broken and needs replacement--so that you can keep the business humming-even better than it has in the past. - SWOT offers professional managers an effective evaluative technique to aid the decision making process. - It can not find the solution for you, but it will ensure that issues are: identified, classified and prioritized clearly, showing the problem in terms of key underlying issues. Decision makers can …show more content…
In any business, it is imperative that the business be its own worst critic. A SWOT analysis forces an objective analysis of a Companies position via its competitors and the marketplace. Simultaneously, an effective SWOT analysis will help determine in which areas a company is succeeding, allowing it to allocate resources in such a way as to maintain any dominant positions it may have. SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework will help you to focus your activities into areas where you are strong, and where the greatest opportunities lie. Why Bother to SWOT? The economy stinks. So why take the time to bang your company over the head doing a SWOT analysis when so much is out of your control? No question that the current downturn is impacting some businesses more traumatically than others and a lot of disappointing business results can be blamed primarily on the general economic climate. But look around. A high percentage of U.S. businesses are surviving the pain, and many are even thriving. During depressed economic times, there are still lots of winners--who typically win not by sticking with their past game plans--but rather by focusing on some new thing(s) that are under their …show more content…
It also needs to make sure the IT strategy complements the Companies business goals. The department head needs to ask: What is each staff member good at? What are they not good at? - Project leaders also must consider opportunities and threats -- or customers and competitors. How attractive is the market or direction they're considering? What's their market share and cost structure? - To get a better look at the big picture, consider both internal and external forces when uncovering opportunities and threats. Internal Analysis: Examine the capabilities of your organization. This can be done by analyzing your organization's strengths and weaknesses. External Analysis: Look at the main points in the environmental analysis, and identify those points that pose opportunities for your organization, and those that pose threats or obstacles to performance. Key points: Once the SWOT analysis has been completed, mark each point with the following: - Things that MUST be addressed immediately. - Things that can be handled now. - Things that should be researched further. - Things that should be planned for the