How does your company measure up?A SWOT analysis SWOT Analysis
A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. will help you meet business objectives
SWOT is an acronym acronym: see abbreviation.
A word typically made up of the first letters of two or more words; for example, BASIC stands for "Beginners All purpose Symbolic Instruction Code. for strengths, weaknesses, opportunities, and threats. It is a method used to evaluate your company's internal strengths and weaknesses, as well as identify any external opportunities or threats that may impact business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets .
"A SWOT analysis is a very important component of a company's overall business plan," says Kenneth Fox, former program coordinator with the University of New Orleans History
UNO was founded in 1958 as the New Orleans branch of Louisiana State University, originally as "Louisiana State University in New Orleans" or "LSUNO", but became more independent and changed the name to "University of New Orleans" in 1974. Small Business Development Center, who retired this past August. Although a potential client wouldn't generally call the center and request assistance in completing a SWOT analysis, one is routinely conducted as part of a client's overall business plan development.
Dr. William R. Osgood is co-founder and president of the Knowledge Institute, a consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee
business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that supports business and community development in non- and for-profit organizations. He is recognized by the Small Business Administration as an expert in small business development, and echoes Fox's sentiment. "SWOT in and of itself will not give specific answers. Instead, it is a way to organize information and assign probabilities to potential events--both good and bad--as the basis for developing business strategy and operational plans. Dr. Osgood's 12-part workbook work·book
1. A booklet containing problems and exercises that a student may work directly on the pages.
2. A manual containing operating instructions, as for an appliance or machine.
3. series, Common Sense, Strategic Management Learning Series (available at www.buzgate.org), has been adopted by the U.S. Small Business Administration as part of its first learning management series. In workbook 11 of the series, he offers step-by-step instructions on conducting a SWOT analysis.
Start your SWOT analysis by first listing your company's strengths. Specifically, any resource or capability your company has that will allow you to achieve your stated goals, or that gives you an edge over your competition, is a strength.
Any limitation, fault, or defect defect - bug that would hinder hin·der 1
v. hin·dered, hin·der·ing, hin·ders
1. To be or get in the way of.
2. To obstruct or delay the progress of.
v.intr. your business from achieving its goals and objectives would be considered a weakness. Dr. Osgood points out that technology can be considered both a strength and a weakness. For instance, if you or your employees are unable or unwilling to embrace new technology the business may suffer. In this case technology would be considered a weakness for your particular business.
Once you have performed a SWOT analysis yourself, Dr. Osgood recommends that you ask your key employees to go through the same process independently of each other and then gather all the ideas and construct a master list of all issues. This is a critical step in the SWOT process. "This may well bring some new matters to your attention that you haven't been aware of or have chosen to ignore," says Dr. Osgood.
Conducting a SWOT analysis is a fairly straightforward process. Once you have completed one, the results will help management identify ways to capitalize on Cap´i`tal`ize on`
v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. your company's strengths, correct any weaknesses, and ultimately assist in mapping out a plan for the future success of your business.