SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT Analysis is a technique for assessing these four aspects of your business. You can use SWOT Analysis to make the most of what you’ve got, to your organization’s best advantage. And you can reduce the chances of failure, by understanding what you’re lacking, and eliminating hazards that would otherwise catch you unawares. Better still, you can start to craft a strategy that distinguishes you from your competitors, and so compete successfully in your market. SWOT Analysis can help in identifying pros and cons of any project undertaking. It also helps to identify both internal and external aspects that are favorable and unfavorable to achieving focused objectives. Some of the weakness of SWOT Analysis is that, it fails to provide specifics on project undertakings. Additionally, it fails to confirm enough information leading to achieving a set goal. It only gives a broad overview of a strategic type of planning.  One of the biggest draw-back is that SWOT Analysis is not very effective in achieving specific strategic planning — other tools are STEER Analysis, EPISTEL, PEST Analysis, and Balanced Scorecard which creates systematic agenda for strategic planning.