Swot Analysis : Strategy Planning

811 WordsSep 9, 20154 Pages
Strategy Planning SWOT analysis is a strategy used to make sure one has considered every angle of a business venture. It causes one to consider strengths, weaknesses, and opportunities of your business. SWOT, is an acronym that stands for strength, weakness, opportunities, and threats; pretty self-explanatory. A SWOT analysis can be used before a business comes to life, when considering business changes, or just routinely, as a part of a business plan. At the heart of strategy planning lays SWOT analysis. Strategy planning begins with a goal and works backward. It is a process of envisioning a desired future and developing goals and objectives in steps to achieve them (Bethel, 2011). Strategy planning involves looking at a goal and asking the question, “What must we do to get to this goal?” at multiple goal levels. The following is a diagram that is the heart of strategy planning. It seems very simple, but has proven to be of great importance. Planning is how successful business succeeds at a successful start-up, or how they make positive changes. It gives business owners insight as to where the best location for their business is, or what services to attempt to market and any given location. Tactical planning focuses on narrow goals, or interim objectives, while strategy planning involves the bigger picture, and more options to get to the desired end goal. A strategy plan is a roadmap to help businesses grow. Strategy planning can be broken down into many individual
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