SWOT

SWOT Out The Competition
SWOT is an often discussed but not often implemented business tool, at least in small businesses. It stands for Strengths, Weaknesses, Opportunities and Threats.
Sometimes companies do a little chart showing some bullet points, but that will be it. The question, then, is how to make this little idea actually helpful.

So here are eight simple steps:
Get a management team together (at least two including you)
Use a flip chart or white board
First, consider your internal (within your company) Strengths and Weaknesses. Write them down
Then, consider your external (out in the marketplace) Opportunities and Threats
(continued)
5. Now - strategize on how you can go after the opportunities that make the most sense, especially considering those which can be leveraged by utilizing your strengths 6. Next strategize on how you can mitigate your company's weaknesses 7. Finally, look at how you can shield against those threats using your company's strengths and by leveraging forces in the marketplace.
This is a simplified way of doing SWOT. If you do even cursory version of what has been outlined here, you will reap almost immediate benefits in terms of how you feel about the future of your business.
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