Most of us who have ever spent five seconds in some sort of analysis role have conducted a SWOT analysis. For the uninitiated a SWOT Analysis is an analysis on a businesses Strengths, Weaknesses, Opportunities and Threats.
Check out Dr. David Furse’s video below on SWOT Analysis.
I’d like to take this a step beyond and make the connection of the SWOT analysis with the overall business plan. The SWOT analysis needs to be a part of the business plan and work with the business plan.
If it doesn’t, you may find yourself with competing plans. This is especially important for young start-ups to remember.
Yes, you need a business plan and if you don’t, you’re courting disaster. It’s also in your company’s best interest to be aware of its strengths, weaknesses, opportunities and threats. Otherwise, miscommunication from top to bottom will occur and any efficiencies that are in place are really bandaids.