This book describes the steps to take to complete a SWOT Analysis. First, you will consider your company's strengths and weaknesses, and then you will look outward to the marketplace and the industry and think about opportunities for growth, new markets and improvements, and also the threats or obstacles to growth. A SWOT Analysis is an honest, objective, in-depth look at your company and its place in the market.
Strategic planning is an important part of business development; it helps an organization assess its current position within a marketplace and develop goals for growth. A good strategic plan can be used to improve any business process that could lead to growth or improvement in the organization, such as any process related to new products or services, new production methods, capturing better talent resources or improving talent, making improvements to supply chains and distribution methods, among others. One useful tool in the strategic planning process is the SWOT Analysis. By defining the internal strengths and weaknesses of an organization and then considering them against the external threats and opportunities in the market, a company can develop measurable goals for advancement. This analysis can be useful for different purposes within an organization, at different levels of an organization, and at different times in the evolution of an organization. It can also be used small-scale in social groups or volunteer organizations, and even for personal life and career advancement. Because of its wide application and easy-to-use and easy-to-understand format, it has gained favor since its beginnings in the 1960s.