By Di Mace,
I was recently asked this very question by a client, and my answer was, “No not unless you want it to be done that way!”
The conversation then went on like this –
Client: “So what is a SWOT and how can it help me?”
Me: “Well, SWOT is an acronym that stands for strengths, weaknesses, opportunities and threats. A SWOT is an analysis that can be done on your business, product, company or marketplace and it can help you kick start your planning.”
A SWOT and planning isn’t all about creating a formal document; it’s about getting the process of change going. You shouldn’t let the planning hold you back, and make sure the plan keeps you on track and helps to manage your endeavors.
There are lots of ways to start the planning process; a SWOT is one of them. A SWOT can be used to uncover the nuggets of gold within your business. These can then be mined and marketed to fuel the growth of the business, and for its future benefit.
At the foundation of your marketing and business plan are the products and services you offer, along with the personal talents and abilities that you possess. A SWOT will help you strategically use these attributes in the marketplace.
